The Perth property market bull run continued last week with sales up on the previous week, while listing stock fell. Again.
It’s an ongoing trend in Perth. Listings are scarce with agents reporting multiple offers on stock that’s even remotely good value.
And it’s catching some agents by surprise. I spoke to one recently who was shocked to achieve over $100,000 above the asking price…on a property he thought was valued in the low $400’s.
How it’s even possible that either the buyer or the agent could be so far wrong is beyond me. But, hey, it’s a crazy property market.
A closer look at the numbers reveal lower demand for units. The percentage of units that sold as a percentage of unit listings was 6% while for houses the number was 15%.
What that tells me is the great Australian dream of backyard cricket and swinging on the Hills Hoist is alive and well.
The bullish sentiment is flowing through to property settlement numbers with our business up nearly 100% on the same time last year.
As the weather warms up, expect more listings to come to the market with a corresponding rise in sales activity.