As I write this it’s going to be a sweltering 43 degrees in the shade in Perth today.
BUT there is something hotter, and it’s not Hades.
Perth’s residential real estate market continues to power on.
A furnace of FOMO and frustration for Buyers.
The Buyers are queuing down the street for anything that is ready to live in.
There are more people coming to Perth than there are homes to live in.
The median house price in Perth has hit record highs at $600,000 with 44.6% lower stock levels than a year ago.
Graphic courtesy of REIWA for the week ending 11 February 2024.
In Victoria Park and East Victoria Park quality listings are few and far between.
Sellers who put the hard work in and present immaculate homes are demanding Hollywood prices and getting them after the first weekend of inspections.
Can the market get anymore super-heated?
There are global ill-winds in some financial markets (Evergrande in China, the German banking sectors over exposure to bad commercial residential debt, uncertainty with the lead up to the US Presidential elections) and instability with global trade routes could also be a future factor in supply and demand forces. Maybe interest rates don’t go down as quickly as we hope, if inflation doesn’t ease?
If you sell today against a backdrop of record high prices and record low supply of housing you are guaranteed a sale.
People forget that liquidity (the ability to turn a house into money) has not always been a certainty.
Now we enjoy a median selling time of around 9 days!
We have a bunch of amazing listings coming to the market over the next couple of weeks and I know the Sellers will enjoy a fair wind in their sales.
For an accurate market assessment regarding your property don’t hesitate to talk to me.
Derek Baston
0417 99 23 24
sales@bastonandco.com
RatemyAgent 2023 Agent of the Year Victoria Park
