Buyer enquiries in Western Australia have jumped in February and sales are on the rise too, according to one real estate group.
Since the first week of February, enquiries from buyers have increased by more than 80 per cent RE/MAX WA managing director, Geoff Baldwin, reported this week.
According to Baldwin, sales activity has also gathered momentum with sales numbers rising 37 per cent.
“Our sales volume has tripled in the past 10 days and this sudden increase in buyer activity has been reflected across all of our offices from Bunbury to Wanneroo which is a very positive sign for our market,” he said.
According to Mr Baldwin, there is no reason the WA market will not move from “slow to go” very quickly.
“Interest rates have stabilised, our WA economy is on the cusp of a resources boom, our population continues to grow at record rates, house prices are at a four year low, employment levels are improving and confidence is fast returning to the market.”
Despite the improvement in the market, Mr Baldwin said it was important for sellers to understand there was still a lot of stock on the market and correct pricing is key to attracting buyers.
“Houses that are overpriced are consistently achieving less than those that are priced correctly when they come to the market mainly because correctly priced homes attract many more viewings and are not given a chance to become stale.
“In short, well priced listings are again attracting keen interest resulting in sales.
Mr Baldwin said he expected the market to continue evening out over the coming 12 months, transitioning from a buyer’s market to a more level playing field.
“Buyers who have been sitting on the fence would be well advised to take action sooner rather than later or risk finding themselves competing in an increasingly competitive environment and inevitably paying more,” Mr Baldwin said.