The auction method saves sellers almost a month on average, which in the current climate is very attractive to many people thinking of selling their property.
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WA, Australia (PRWEB) January 28, 2015
The previous year was considered to be a “soft market” for properties, with data showing little activity in both the sale and lease of listed houses. The lacklustre performance is no match for 2013’s performance, according to the Real Estate Institute of Western Australia (REIWA).
The member-owned organisation, which represents more than 1,100 real estate agencies, has been releasing valuable data that could prove to be very advantageous to owners looking to liquidate assets quickly and investors aiming to make the most of transactions.
This month’s property market snapshot reveals that while sales activity has continued to be on an upward trend after the festive break, the steady rise still remains down by about 13 percent which is, REIWA reports, on the same time as last year.
The property selling insight provider goes on to add, “House sales increased 4 percent, units went up 15 percent and land sales lifted 10 percent. Listings are also continuing their rebound, up 2 percent this week to nearly 12,600.”
And so while activity might not be described as rapid with heavy turnover, the numbers still point to some movement, which should be fairly encouraging to owners with listed properties on the market.
REIWA’s released data also covers the most desirable suburbs, in that the neighbourhoods are the top sellers in their location. Among those listed are Innaloo, Marylands, Butler, Ellenbrook, and Monkey, which are north of the river, and Forestfield, Rockingham, Como, Gosnells, and East Fremantle, which are south of the river.
Owners of rental properties should have something to be optimistic about as the start of year looks to be promising. REIWA’s data indicates increased demand in leased properties. Median rent, incidentally, stands at $440.
The property data further reflects the impact of ongoing changes in policies, which is best exhibited by the previous year’s report after amendments to the transfer duty free thresholds were made.
REIWA shares that sales activity in all sub-markets within the southeast sub-region prompted the 6 percent decline. This decline, in turn, led to a 28 percent dip in the Serpentine-Jarrahdale market.
According to the real estate institute, the southeast sub-region of Perth is the smallest outer sub-region. It is also the most affordable area, with the lowest median and lower quartile prices.
The report adds, “In Armadale and Gosnells, sales activity was down around two to three percent. This decline in activity was most likely influenced by changes to the transfer duty free thresholds, with the southeast sub-region one of Perth’s more dominant first home buyer areas.”
The dip in sales activity is considered to the largest fall in the housing market.
REIWA data is not limited to the volume of activity on sales and rentals, and the prevailing property prices. The Institute also conducts research that enables owners and investors to determine the best possible course of action where selling is concerned. New findings indicate that auctions can significantly slice the number of days a home can spend on the market — by an average of 26 days.
REIWA Deputy President Harold Groves remarks, “West Australians have grown very familiar with the offer and acceptance method of buying a property, which involves a simple contract process and some gentle haggling on price, but there is growing interest in auctions as a quicker way to sell in a sluggish market.
The REIWA deputy president further explains that auctions create shorter campaign periods by flushing out more serious buyers on the day, and by requiring that they pay an immediate deposit.
Mr. Groves also notes, “The auction method saves sellers almost a month on average, which in the current climate is very attractive to many people thinking of selling their property.”
The Real Estate Institute of Western Australia not only provides current market intelligence and expert advice. It also represents the real estate industry in the state, and lobbies the government on legislative change, ensuring a healthy environment to buy, sell, and rent property.
For greater insight, explore the REIWA website today.