However this Spring 2019 is looking more than likely to outperform Spring 2018 and here are the reasons why.
Buyers are flowing back into the market following the Federal Election result and interest rate reductions while at the same time property stock levels are moderate.
Therefore it is predicted this supply and demand imbalance will result in a much more positive Spring than last year.
The Real Estate Institute of WA figures revealed there were 13,799 properties for sale in Perth the week ending 8 September, which is 10 per cent lower than the same time last year.
And according to one of the country’s largest real estate website realestate.com.au, there has been a 25 per cent increase in searches over the past 12 months with the biggest jumps occurring after three major events.
The first was the Federal Election result, with the Coalition win providing greater assurance around tax incentives ultimately leading to improved buyer confidence.
The second two jumps in search queries occurred after the two interest rate reductions, which makes getting a home loan much more affordable now than it was a year ago.
The outlook for interest rates was given more surety last week following the Reserve Bank of Australia’s Governor of Monetary Policy Decision, Philip Lowe, stating that looking forward interest rates were likely to remain low.
“It is reasonable to expect that an extended period of low-interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target,” Mr Lowe said.
“The Board will continue to monitor developments, including in the labour market, and ease monetary policy further if needed to support sustainable growth in the economy and the achievement of the inflation target over time.”
The national property body, the Real Estate Institute of Australia, has also revealed that despite property prices across Australia falling by 1.0 per cent for houses in the June quarter it will most likely mark the bottom out of the property cycle.
Realmark Group Managing Director John Percudani said there was a strong environment for property activity during the upcoming months.
“There has certainly been a jump in confidence in the real estate market following the election result and that combined with interest rate cuts, improved changes in lending requirements by APRA and lower stock levels, combined with renewed buyer interest the market is primed for quicker and positive sales over the coming months,” he said.
“The key in this type of market is to stay ahead of the game and make sure you have a real estate agent who knows how to make your property stand out from the crowd with the right marketing and selling method as more properties flow onto the market during the spring selling season .”
“At Realmark we have proven structures and systems and excellent marketing and social media platforms to attract buyers no matter what the market conditions and our systems work as we have shorter days on market results than the rest of the market. Realmark properties sell, on average, within 45 days and the average for Perth is 79.”
Are you thinking about selling, speak to an agent of your choice with Realmark today.