The number of days it takes to sell a property and the reduction needed from the initial asking price is an excellent indicator of market health. First National members are reporting that the market is moving faster and that buyers are becoming more decisive.
While much has been made of rising rents and limited vacancies, the rate of growth in weekly rents is certainly slowing.
Western Australia’s property market is on the rebound, having reached the bottom of the property cycle, and 2013 is looking to be a good year according to the First National Real Estate 2013 Property Market Outlook. The Outlook is based on a survey of First National’s 400+ member network, drawing on its experience at a grass roots level and providing insight to what member agents expect the market to do.
Despite a more stable start to 2012, national home values declined cumulatively, by 2.2%, for the first five months of the year – bringing overall values down by 5.3% over the 12-month perio
In the light of the doom and gloom in global economies and the effect on the market here in Australia, the domestic property market is holding up quite well and the second half of 2012 should see things stabilise further, if not slightly improve.
Residential vacancy rates in most capital cities slipped for the second month in a row in February, with Hobart the only capital recording an increase in available rental properties of 0.2 per cent.
Consumer confidence has hit a six-month high as a result of the recent drop in interest rates.
