June 3 – REIWA MARKET SNAPSHOT

Dwelling sales took a tumble last week across Perth due to the WA Day long weekend with reported activity very similar to the week of the ANZAC long weekend.

Houses sales (434) were off 20% with north of the river taking a 25% hit whilst the fall was little moremodest (15%) south of the river. Multi-residential sales were also down 20%.

While the dip in activity was not unexpected last week, it does highlight the general softness in activity in 2015 as sales were off 17% on the same week last year and more significantly 32% North of the River compared with the WA Day week in 2013. The only bright spot for the week was a small increase in land sales which continue to tick over and provide impetus for the new housing sector which reported an increase in new home sales in WA for April. Listings eased back this week to a four week low after recent peaks around 14,600 and again this may have been a reflection of vendors holding off.

One statistic that should be of real interest to prospective home sellers if the average ‘discount rate’ of sold homes.   That’s the difference between the asking price and the sale price.   5.9% on $800,000 is almost $50,000…. And often it takes months ( on average, at least 2 months ) to get a low offer at all when you’ve listed your home too high.    Price your home correctly to begin with…  Sell fast and Sell high!

Click here to see some real life, local examples of Asking Prices Vs Sale Prices.

12