SPRINGING INTO ACTION
THE Perth property market can expect a flurry of activity over the next few months as more sellers enter the market.
Historically, spring is known as the selling season and reiwa.com data shows that house listings in the Perth metropolitan area typically surge in the September quarter, dropping off over Christmas and January before rising again in autumn.
“If you go back over the past decade or so, it’s interesting that the most sales occur in autumn, rather than spring, although the difference between these two seasons is marginal,” REIWA president Hayden Groves said.
“It could be that school holidays, AFL finals and more long weekends in spring contribute to the fewer sales, but it proves that broader economic conditions and things like interest rates, wages growth and population growth levels play much more a part in sales activity than the seasons do.
“That said, buyers are more inclined to buy in spring when properties are looking their best, and buy and be settled before Christmas.”
While property listings start to lift in September, reiwa.com data indicates sales grow slowly, peaking in November.
“New listings to market bring with them new buyers who take some time looking around at the listing stock before making a buying decision,” Mr Groves said.
“With average selling days at around 68 metro-wide, it follows that new stock listed in September is sold in November when vendors are often beginning to reduce their asking prices and selling expectations.”