The housing market has seen high demand and low stock in recent months, with house prices surging in Perth.
A recent study carried out by Westpac indicated 39% of homeowners (an increase of 9% from November 2020) are looking at putting their property on the market in the next 5 years.
So, what is driving the demand, and is this the right time for you to consider selling?
This is mainly being driven by seller’s confidence in getting a good return on their property, as well as an increasing desire to live in a new area as people seek more living space.
Since the start of the pandemic, many are looking for the greater balance and increased space in their homes; proximity to work is less of a necessity as many continue to work from home, increasing the need for an additional bedroom or office space. Homes with larger back yards in developed suburbs with amenities are top of the list the study found.
While the report found houses are most in-demand, units and apartments still remain a popular option – particularly among younger buyers who are more likely to seek the convenience and access to local cafes, restaurants, and bars, as well as downsizers who might be seeking a coastal lifestyle.
71% of first home buyers are seeking a house or townhouse, and three in five (62%) want a property with at least three bedrooms.
Pair that with the recent report from reiwa.com.au last week stating house prices across Perth had risen 7% in the first half of 2021, with the median house price for June sitting at $510,000 - all indicators are that the Perth market remains strong, and is likely to surpass the winter blues and continue to sale into further recovery in Spring.
Days on market are sitting at an average of 15 days for June, which is still close to the lowest in 15 years.
It is still very much a seller's market, with Spring Selling season just around the corner, now is your time to prepare if you are thinking of selling, reach out to a broker to understand what you are looking for in your next home, if you are upsizing what your limit is, or if a bridging loan is necessary before you sell your current home.
If you are a buyer, do you need to sell to buy or what options are available? Reach out to one of our brokers and ask them how we can help you move up, move-in or downsize for the future.