The market, as it currently stands, remains largely unchanged from its position last month. In fact the quarterly REIWA figures have the Perth market down by approximately 2%.
Despite these reports and uncertainty regarding the outcome of the Federal election, the fundamentals underpinning the Perth real estate market are looking sound.
The latest ABS figures show that full time ordinary earnings in Western Australia grew by 6.2% over the year ending May 2010. This wage growth can be attributed to improving economic conditions in the State economy with W.A now having the lowest unemployment rate of any State in Australia at just 4.4%.
When the State economy performs strongly, so does the top end of the Perth real estate market, and we have started to see some very encouraging movement.
The key to successful selling in any market is a targeted selling strategy. Price is the single most imperative detail of any campaign. Employing a ‘smart’ selling strategy, we find that properties often sell before going to the open market.
One of our top selling agents has recently demonstrated this premise, with 5 out of 7 new listings selling in the first 2 weeks. He attributes his success to effectively turning what is a buyers market into a sellers market, strategically positioning the property to give it an unfair advantage in the marketplace.
The improving economic indicators bodes well for a recovering real estate market. With a positive economic outlook derived from low unemployment rates, rising wages and a growing population, astute buyers are in the market now - taking advantage of stable interest rates and competitive house prices.
No comments:
Post a Comment