WEEKLY PROPERTY MARKET UPDATE

The Federal Budget has been announced and, with its mix of “tough-love” measures, the response has understandably been divided. Despite a number of cutbacks, the overall picture is for a strengthening Australian economy, which according to Treasurer Swan is the envy of the developed world.

For followers of the real estate market, one of the key questions will be how various budget initiatives affect sentiment amongst buyers and sellers, and perhaps only time will tell.

On a more local level, reports from our team show that activity in the last week was somewhat subdued, with Mother’s Day a key focus for many over the weekend. With signs of pent-up demand, however, we do expect to see increased sales activity during May.

A particularly encouraging sign is the wave of new buyers entering the market, evidenced by an upsurge in enquiries to our office. Typically, new buyers need to view a selection of properties before making a decision and so our team is looking forward to negotiating sales over the coming weeks.

One of the interesting sales in the last week was for a brand new apartment in West Perth, which sold to an astute first homebuyer, who secured the property after noticing it in the newspaper and viewing only a handful of properties. This confident buyer is part of growing band of first home buyers who are choosing inner-city properties that are close to employment and lifestyle opportunities rather than traditional house and land packages on the outskirts of town.