Although monitoring by the Real Estate Institute of Western Australia (REIWA) shows that the number of properties for sale across Perth remains above the long term average, there are hints that stock levels are dropping in certain areas. This is either due to a boost in the number of sales or from owners taking their properties off the market, perhaps placing them onto the rental market where vacancies have been low for some time.
Sales executives at Caporn Young are reporting a shortage of stock in key areas within the Western Suburbs and in and around Fremantle, which is causing frustration amongst buyers unable to find what they are looking for.
There are also signs that there is considerable pent-up demand from buyers, both homebuyers and investors, who have been previously dormant because of uncertainty in the market. Now that the interest rate environment has stabilised and the growth prospects for the market are positive if not unspectacular, many are now preparing to make a purchase.
The shortage in rental accommodation across the market, which seems to be getting more severe, may see disgruntled renters become buyers, further adding to the demand.
Caporn Young is expecting a busy period ahead and given the demand for quality property and the company´s reducing stock levels, there is currently a perfect opportunity for sellers to bring their properties to the market.
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