Pil­bara prop­erty sale pe­riod shows signs of im­prove­ment

Pilbara News - - Property - Louise Alling­ham

The Pil­bara prop­erty mar­ket showed some promis­ing statis­tics in the Septem­ber quar­ter, ac­cord­ing to the Real Es­tate In­sti­tute of Western Aus­tralia.

REIWA pres­i­dent Hay­den Groves said Port Hed­land ex­pe­ri­enced a sig­nif­i­cant im­prove­ment in the num­ber of days it took to sell a prop­erty.

“It was 10 days quicker to sell in Port Hed­land in the Septem­ber quar­ter, eight days quicker in Al­bany, six days quicker in Kar­ratha and two days quicker in Broome,” he said.

In Broome and Al­bany, it was noted that more sell­ers had to drop their list­ing prices, how­ever in Port Hed­land and Kar­ratha the op­po­site was true.

“Both cen­tres (ex­pe­ri­enced) a sig­nif­i­cant re­duc­tion in the num­ber of sell­ers who had to re­duce their ask­ing price over the quar­ter,” Mr Groves said.

“This tells us that in Al­bany and Broome, more sell­ers needed to drop their ask­ing price to sell, while in Kar­ratha and Port Hed­land the re­sults in­di­cate that sell­ers are heed­ing their real es­tate agent’s ad­vice and pric­ing their prop­erty ac­cu­rately from the start.”

REIWA Kar­ratha chair­man Richard Naulls said if sell­ers did re­duce their price, it was to meet cur­rent mar­ket prices.

“Due to a in­crease in buyer in­quiry, mul­ti­ple of­fers and more sales, the mar­ket has clearly sta­bilised and there are more sales ev­i­dence there­fore prop­er­ties are priced cor­rectly and sell­ers are not ex­pected to re­duce to meet the mar­ket,” he said. “Though it is still a buy­ers’ mar­ket, there are less prop­er­ties ad­ver­tised for sale than 12 months ago, which means the gap be­tween sup­ply and de­mand is less which con­tin­ues to as­sist in keep­ing the mar­ket sta­ble.”

Mr Naulls said al­though those who bought a prop­erty in high­price times were still feel­ing the fi­nan­cial pain of the cy­cle, the Kar­ratha mar­ket had sta­bilised.

“The num­ber of prop­er­ties sell­ing has in­creased sig­nif­i­cantly — there are lots of buy­ers con­fi­dent that if they buy now, prices should in­crease over the time of the nor­mal real es­tate cy­cle and sell­ers are also con­fi­dent prices are go­ing to con­tinue to re­duce,” he said.

“Ex­cit­ingly, we are see­ing lots of lo­cals buy­ing prop­er­ties to live in, a lot of them are mov­ing out of rental prop­er­ties or com­pany hous­ing and tak­ing the op­por­tu­nity to buy.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.