THE PROPERTY EXCHANGE
Resident Report
Market Update Is the property market hotting up? Yes is the short answer! In the last quarter of 2019 Mount Claremont achieved positive growth of 1.7%. There is evidence that we have turned the corner in our beautiful suburb and we are seeing this right throughout the Western Suburbs.
Why is the market changing? In short, mining and positive population growth in Western Australia. We have seen a dull old decade in the WA property market but the light is beginning to shine at the end of the tunnel. While property values are generally back at 2006 levels there are plenty of reasons for individuals to buy. The local Perth economy is up 1.0%, employment is up 1.4%, and the population is up 1.1%. Add to this the fact that the Reserve Bank of Australia cut the cash rate four times in the last year, meaning prospective buyers can borrow money on historic low rates - this is the sort of positivity that gets the market moving. On average, properties are selling 16 days faster than the same quarter last year, making it the fastest time to sell since December 2017. We have been experiencing large numbers at our home opens over the last 3 months with properties selling after the first home open with competing offers. So, if you’re thinking of a move and before mid-winter hits, get some facts, figures and helpful advice on where and more importantly how to sell your home. We are experts at it!
SHAUN GROVES
0414 461 976
shaun@thepropertyexchange.com.au *Sources REIWA and Nerida Conisbee Chief Economist at Realestate.com.au
THE PROPERTY E
CHANGE
Real Estate Sales and Property Management
9388 3988
212 Nicholson Road, Subiaco
thepropertyexchange.com.au