At Wednesday’s meeting of the group we belong to called Prominent Agents Network one of my members quoted back something I had said about the market some months ago as he believes it is a good description of his current experience.
At the time I described our market as being like a car with a faulty carburettor. In other words it will accelerate for a while and then just when you think it is a new trend that has started it will switch off.
Compared to 12 months ago there seems to be much more optimism from the buying public and numbers are up at home opens, plus buyers are placing written offers.
However they are still shopping hard when it comes to price so there is no sign of rising values yet but it is more stable.
R.E.I.W.A. has just under 14,000 properties for sale (long term average is 12,000, 1 month after the GFC all time high 18,400, May 2011 18,200).
Sales are running at about 2/3rds of the long term average, so we need a drop in listing coupled with a pickup in demand to change values.
The current signs are still positive but it isn’t a trend yet.
Owner / Director
Noble Real Estate