After a period where the number of property listings being offered for sale has been at its lowest level for decades, the past month has seen some strong signs of stock levels increasing for the first time in 2 years according to RE/MAX WA Managing Director, Geoff Baldwin.
“Since early 2011 when there were around 19,000 properties for sale we have seen this number drop to only around 7,000 however in July the number of properties being listed throughout our group increased by around 30 percent compared to recent monthly averages”, Mr Baldwin said.
“This sudden increase in listings coming onto the market has not been at the cost of sale numbers which have remained fairly strong throughout Winter so it can only be put down to record low interest rates and people seeing a brighter light at the end of the election tunnel.
“Seller confidence has been at an all time low through the longer than normal election lead up and this coupled with constant talk of the mining sector softening and a general hesitance about debt have all combined to convince prospective sellers to wait and see.
“The general consensus is that activity will increase markedly after the election next month and with the normal Spring bounce and it seems that sellers are recognising that now may be their best time to sell and to get into their next property before the price gap begins to widen.
“Although we are seeing more stock coming onto the market we believe this increase will be absorbed by a lift in buyer activity between now and Christmas and that there will be upward pressure on prices”, Mr Baldwin said.
Media contact – Geoff Baldwin