Perth property owners at risk of underselling their asset

19/01/2021
Perth property owners at risk of underselling their asset

Realestate.com.au, Western Australia’s largest property search portal recently recorded a 44 per cent increase in online property views and 75 percent more enquiries on houses compared to the same time last year.

The significant increase in demand for real estate, combined with the general historic trend of heightened activity throughout summer – has WA real estate agents bracing for a summer surge of buyers looking for property. 

The acute demand for housing is not matched by supply, driving record-speed selling days – matching 2006 statistics for number of days on market according to REIWA.

Realmark Managing Director, John Percudani encourages sellers to enjoy the dynamic WA marketplace, but urges them to ‘slow down’ when selling their property. 

“With the current contrast between supply and demand, sellers can potentially sell their property for a higher price than what was previously possible,” said Mr Percudani.

“We’re seeing a myriad of quick and off-market sales occurring across Western Australia right now – which is concerning for sellers as they may be underselling their property and not enjoying the financial benefits of WA’s active market conditions. 

“Realmark urges sellers to slow down to allow buyer interest in the property peak and mature, and to attract all possible offers in the market – instead of accepting the first offer on the table. 

“Finding a representative that is savvy on method, marketing and pricing structure is paramount to attracting the best price in this transitional market environment. 

“We urge sellers to make sure the agent they choose is working in their best interest and not closing the deal prematurely or potentially below the property’s worth,” he commented. 

REIWA data shows Perth has just experienced its fourth consecutive month of median housing value increases. 

Fiscal stimulus, healthy population growth and affordable finance are all contributing factors accelerating the WA residential market recovery that was evident pre COVID-19. These combined with an overall increased desire for housing has the 2021 market outlook looking healthy and buoyant. 

Thinking of selling? Contact me, Chris Pham on 0448 777 511. I’m well placed to ensure you’re not undersold this summer. 

 

*Realestate.com.au views and search data YoY 19/20