Who Pressed Pause?
Despite still having strong underlying economic fundamentals in WA, for the time being confidence is down and the property market has been put on PAUSE.
With selling homes in 14 different suburbs across the Perth metro area over the last 3 months, I can categorically say that buyers have dried up and those that are in the market are taking the extra time they have to be sure of their purchase.
With the market transitioning from a sellers market to a buyers market, to continue to get great results for owners pricing needs to be sharp, follow up immediate and buyer service to the MAX!
All of this is good news for those looking to make their next home purchase or selectively add to their portfolio. The time to act has always been when others are sitting on their hands however make sure you are not over extending yourself.
It is a good idea to keep a cash buffer of at least 3 months expenses, explore income protection insurance and factor in interest rates at at least another 2% higher…. We have been there before so plan for the worst and hope for the best.
I don’t have a crystal ball to know how long our property markets will stay in this current phase but I would expect that following the federal election certainty will start to return and providing interest rates hold and we don’t have another mining tax hiccup we will be back to PLAY.
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