Perth - property market transition

[heroine]

m.perthnow.com.au/realestate/news/perth-property-market-in-transition-from-busy-to-steady-agents-say/story-fnhlgriw-1226997366504



BUYERS and sellers are on wildly different pages as Perth?s property market transitions from ?busy? to ?steady?, according to operators canvassed for a Sunday Times Realestate market wrap.
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[sammmeee]

I totally agree with this. Sellers aren't usually on the ball when it comes to the current market. Agents will tell them what they want to hear.

Investors usually watch the market v closely. I have noticed a massive decline in people at home opens just over a 2 month period. How would a seller know that.. It's only when the media tells them oh no the world is collapsing prices are falling do they think to adjust. This is when it's the best time to buy!

Sooo as it stands sellers unwilling to drop prices and buyers saying you want what for that? Interesting times.

 

[Waldo]

Investors usually watch the market v closely. I have noticed a massive decline in people at home opens just over a 2 month period.

Don't tell me that, I just put in an valuation request for my perth residence! I was hoping to get one final valuation at what I see is the peak of the perth cycle.

 

[paulie]

Buyer numbers at home opens have been low for a few years. Not just recently, although bottom of the market (under $500k) has slowed its price growth.

I think home opens whilst very useful tools, are suffering from buyers have enough online resources to make a no decision prior to visiting the home. It's unusual to get tyre kickers or accidental buyers even with home open signs out, buyer numbers are down. But quality of buyers is up.
My 2 cents

 

[redwing]

Don't tell me that, I just put in an valuation request for my perth residence! I was hoping to get one final valuation at what I see is the peak of the perth cycle.

There was talk on the radio today of the Perth median now being $619,532, up 5.1 % over the last 12 months 2013/14

 

[sammmeee]

There was talk on the radio today of the Perth median now being $619,532, up 5.1 % over the last 12 months 2013/14

Yep and that's what sellers will listen to. They won't listen to the past 3 month decline!

 

[dexx]

Buyer numbers at home opens have been low for a few years. Not just recently, although bottom of the market (under $500k) has slowed its price growth.

Wide areas of the market were booming for the 12 months up until Feb this year. Then several areas went off the boil and fell flat. Some areas are still doing well.

 

[Kent Cliffe]

Patchwork Quilt

If I could use one object to signify the market it would be a patchwork quilt.

A a broad one sentence update; property stock is rising and buyer volume is down and vendors price expectations are optimistic.

In saying that good quality properties are selling at the first home open. I had another on the weekend asking, "from $599k" with multiple offers and sold 10% above the asking price. However, this demand is in development sites in low transacted areas which hasn't been re-rated.

I think there is already pain for H&L owners in the fringe areas along with inner city properties that have a low land holding.

 

[Ausprop]

the areas I watch are still going nuts... had a friend that had a place under offer, finance ran to the 21 days and seller said deal is off unless you cough up another $250k

stock levels are still way below what is considered a balanced market and this doesn't seem to be changing, stuck at circa 10,600