If you keep an eye on real estate in Melbourne and Sydney, you’ll be acutely aware how contrasting Australia’s property markets are. Although the East Coast rate of growth is stabilizing, auction clearance rates are still above 80% in many areas, and buyers still pay millions for homes requiring significant renovation.
It’s important to remember, property markets are very cyclical. Just like a daily sunrise and daily sunset, real estate moves through fairly predictable upwards and downwards swings. REIWA’s December quarter sales data indicated that prices have stabilised at the end of last year.
Some suburbs, Cottesloe for example, experienced a greater than 10% swing from the September to December quarter. My team are now seeing increased activity in some areas, largely driven by pent up demand from buyers who did not feel the confidence to act in 2016, but are now tentatively approaching the market again.
We will be watching closely to see if this activity continues and puts pressure on prices. Although 2016 was a challenging year in Perth’s real estate market, it was not all doom and gloom. Despite the difficult conditions, the Caporn Young team consistently delivered results well above what the market might have predicted.
It comes down to a combination of finely tuned skills, strategy, marketing, and a highly engaged database, but also a dogged commitment to getting the best result for our clients.
Having seen the energy our team brought to the job through the last year, I am thrilled to share the news that we won two major accolades at the Australasian Real Estate Results Awards last week, including WA Agent of the Year for Steve Currie, and Property Management Team of the Year.
The latter was an incredible feat, given that we were competing against agencies from all over Australia and New Zealand.