When asked about the key outtakes from the event Anita outlined that the overall view was that the WA economy and property market are coming off historically low points and any upward trend will take time to consolidate, with patience and persistence required. Affordability and employment are the key factors to monitor along with availability of suitable listing stock and a stronger flow of finance approvals is critical.
Key points made by the presenters were:
- The WA economy was continuing to stabilise with moderate, positive population and employment growth trends
- Interest rates were expected to go even lower in 2020
- Sales volumes in 2019 were historically low
- The volume of listings in Perth Metro has dropped down to a low 12, 000
- For buyers and renters, Perth was the most affordable property market in Australia
- Off one of the deepest and steepest declines, rentals are now on the rise in some markets
- The 70c WA GST floor will progressively feed into the WA economy and
- The overall WA economic outlook for the decade ahead was very strong.
In addition to the key insights by presenters, Anita was asked to provide anecdotal information on market sales and rentals. Referring to a recent case study example of a rental property that saw 70 people through, with 14 applications and a higher than expected rental return, Anita believes the market is being driven by demand improving while supply is decreasing, a trend that could also be a leading indicator of what may happen in the residential sales market.
In her address to the delegation Anita was also asked about her views on the recipe for success in the new decade, Anita Said “ In an industry that has focussed heavily on the development and use of technology in the last decade, to continue to succeed we must not forget to have a human centred focus, based on building personal relationships.”
“At Realmark our major point of difference has always been to focus on the consumer by identifying client personas and customer journeys that not only consider the immediate future but the entire property journey. This customer centred focus combined with continual process innovation has enabled us to remain agile in our business approach” She added.
Of of the top 10 agency groups in WA, Realmark was one of only two to grow their market share by value sold year on year 2018 to 2019. A result Anita credits to this agile and customer focused approach.