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From Deborah’s Desk – Market Update

By Deborah Brady

https://youtu.be/sOG6wo89HDA

Tidal wave hits the market

A tidal wave of activity has hit the western suburbs real estate market since the Covid lockdown lifted in WA and we at Ray White Cottesloe/Mosman Park re-opened the office on Stirling Highway in the Grove Cottesloe shopping centre.

As I predicted at that time, Ex-pat West Aussies returning from overseas and fleeing the Eastern States of Australia would push the market in new directions and that has certainly happened.

Properties that were on the market when the lockdown lifted were snapped up quickly and we’re now experiencing competitive cash offers for properties virtually as soon as they’re listed.

This has resulted in a shortage of stock and an uptick in prices, particularly in the $5million plus bracket where quality properties are selling on and off-market at record pace.

Flowing on from that is a spike in the number of retirees selling out of large family homes in order to “right-size” into single-level lock and leaves.

The demand for this sort of property is huge at the moment. So, if you have one that you’ve been thinking about selling, now is the time to act.

Pandemic refugees returning to the safety of their home State have also put enormous pressure on the rental market and landlords are reaping the benefit.

Rentals are also being snapped up as soon as they come on the market and this could be the time to add that investment property to your super fund.

I’ve been working in the western suburbs real estate market for 15 years through all the peaks and troughs, and I have to say this year has been the mother of all rollercoasters.

We’ve gone from the pre-pandemic depressed market, into the depths of despair in the middle of the lockdown to a resurgence beyond all expectations.

Fortunately, we have a very experienced team at Ray White Cottesloe/Mosman Park and we’re backed by the biggest real estate network in Australia, which is so important given the number of people re-locating from the Eastern States and exiting markets in NSW and Queensland in particular who are looking for comparable properties in our premium suburbs.

With Melbourne edging towards lifting its restrictions we expect another surge in returnees before Christmas so if you have been thinking of listing a property, right now is an exceptionally good time to do so.

I was not surprised to read recently that interest in regional Australia as a residential destination has gone through THE ROOF since the pandemic struck. It makes sense that people would see the regions as a safer option in these times, and I think in a way, Perth, and the western suburbs in particular, have been viewed in this light by Sydney-siders and Melburnians.

And of course, it’s not just our neck-of-the-woods that has been affected by this phenomenon. In a recent survey of “views per listing” taken over the pandemic from April 2020 to August 2020 had the Augusta-Margaret River-Busselton region recording a 281.8% per cent increase on the same period previously. Wow!

We live in interesting times.

Contact me now about all your property needs.

Deboarh Brady | 0405 570 903

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