Midyear state of affairs: A closer look at the country’s markets
With market conditions changing at varying degrees across the country, seven experts from Property Investment Profession...
Property market activity is likely to rebound in February, with RE/MAX predicting buyer demand will surge.
After a post-Christmas lull, buyers and sellers generally begin to return to the market by the second month of the year, RE/MAX Western Australia managing director Geoff Baldwin said.
“Although this year’s holiday period has seen the market maintain strong momentum, February is predicted to see buyer demand go to a much higher level again,” Mr Baldwin said.
In the Western Australian market, this trend has already become evident, according to Mr Baldwin.
“We have seen buyer demand increase significantly in the second half of January and this momentum is expected to grow as we move into February, with the overall outlook for 2014 being very positive for sellers,” he said.
“Sellers who have been holding off would be well advised to take advantage of this predicted upswing in buyer demand, as it historically creates more competition for available listings, often resulting in better sale prices and a shorter time on the market,” he said.
On the other hand, he advised buyers to act sooner rather than later to avoid being stung by rising prices.
Investors in themarket specifically should be aware that low listing stock levels are likely to push up prices, he said.