For the past 12 months, the Perth property market has been slow.
Property, across all sectors has sat. And sat. And sat.
The reason? More people were putting their homes on the market and less people were buying.
Quite simply, it was a “Buyer’s Market.”
Several months ago, first home-owners ($300,000 -$500,000) began to enter the market again.
There were several reasons for this; stamp duty concessions from the State Government as well as the Federal Government’s First Home Buyer Grant initiative ($14,000 for established dwellings and $21,000 for new) had made owning a home more attractive. The fact that interest rates have continually fallen also helped.
In recent weeks we have noticed activity in the second and third tiers of home ownership ($500,000-$800,000).
As at the time of writing, four of the last six properties that have SOLD at Altus have been in that price bracket with the other two in the low one millions.
More importantly – all have occurred in a relatively short space of time – 3 weeks.
Has the tide turned?
It’s difficult to say – especially give the unpredictable nature of financial markets across the world in recent months.
Could it be turning?
It’s very very possible.
Watch this space.
Jamie Harrington
Director
Altus Real Estate