Buyer's market in Perth

Thursday, February 10, 2011

Buyer's market in Perth

Now is a good time to try and negotiate on Perth property prices because sales are plummeting across this metropolitan area of Australia.

Perth property sales fell by 30 per cent last year compared to 2009, data from the Real Estate Institute of WA (REIWA) shows, including nine consecutive monthly declines between April and December 2010.

REIWA's figures also reveal that there are around 15,600 homes in Perth listed for sale, which is up by a staggering 47 per cent compared to the same time last year.

Alan Bourke, president of REIWA, says that it is undoubtedly a buyer's market in Perth at the moment – market conditions which prospective purchasers should not ignore.

Bourke commented: “In a lot of ways we believe it's the 'if only' year, in other words if only I'd bought in 2011 when there was plenty of choice because when things tighten up there will be a lot of people scrambling to get back into the market place and that stock level will go down very fast.”

He added: “The interest rates in the foreseeable future are going to be nice and stable, plenty of choice and very motivated sellers so I think that's the perfect ingredient for a buyer to be buying a property.”


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