Interest Rates On Hold
But will most likely move next month as the market cools down slightly. With the current slowdown of the Perth market, be wary of all the doom and gloom from all-of-a-sudden real estate experts that will follow in the market place.
At the time of writing there were 13,499 properties on the market in the Perth metro area, a net increase of 498 properties over the last 4 weeks. In comparison, this time last year there were 9,207 properties for sale. This increase of sales is known in the industry as a neutral market, where we usually see around 12,000 homes on the market. So, we can see that the market isn’t too far over that point.
That being said, there are some absolute bargain buys around, particularly in the Hills that are way below replacement cost. This combined with historically low interest rates means money is cheap and now is the smart time to buy your first home investment or trade up to something bigger.
I predict that we are heading into a very long period of stability for the state, once we get past the few current ripples. So go and buy with confidence.
Perth Market Stats:
- Median house price (past 3 months) – $525,000
- Median unit price (past 3 months) – $433,000
- Average time on Market (February) – 66 days
- Vendor discount – 5.8%
- Total listing in Perth – 13,499
*Data provided by Reiwa & Core Logic