Recent improvements in the resource sector and positive changes in both the interest rates by the RBA and lending criteria by APRA have added to the expectation of an increasingly favourable market.
Buyer sentiment has also seen a significant shift of improvement, however, it may take some time for these to “fire up” the market. In specific relation to WA, the market needs to see improvement in demand via population and employment growth.
Although the Realmark network is delivering positive results across WA, the overall state of the market remains subdued and essentially a mixed market of results. There is no clear rebound across the market in either the commercial or residential space.
Speaking with Realmark Group Managing Director, John Percudani, he stated, “The close of the election uncertainty has seen an improvement in buyer and seller sentiment, however in order for the market as a whole to see significant ‘boom’ that will take some time. Population and employment growth is crucial to impact on a large scale. Consumers are cautiously optimistic in the WA market and we have seen a slight increase in investment interest from the Eastern states. We certainly see that the market is in a stabilising and consolidation phase and predict we will progressively improve into 2020.”
“In the interim, it is important for investors and owner-occupier buyers to seek out solid advice especially around sales data and financing, and for sellers to leverage agents that have a strong skill set in marketing across traditional and digital mediums. The use of disciplined selling methods such as set date sale and auction with prove prominent in this market to get an accuracy of pricing based on market demand.”
If you are looking for solid market advice of thinking of selling contact Realmark at www.realmark.com.au/contact.