Perth Real Estate Market Wrap October 2022 City of Melville

Real Estate Vlog Episode 6 with James Priestly, Melville Real Estate Agent

Transcript

Hello, ladies and gentlemen. Another quarter down and about as much confusion in the market as there was after the last quarter.

More interest rate rises, more media reports screaming about a property market crash.

But the fact is the Perth property market is a standalone market and we are yet to experience any negative impact on prices here.

In September, we only had a 0.4 % decline, which only equals about 4 grand off a 1 million dollar home. It’s nothing. Important to understand.

Before the market can start a real decline, it needs more than one key driver to drop. Put rates aside, all of our other key market drivers are showing strength, and overall stock across Perth remains low.

But the most important thing is affordability. It’s huge, nearly twice that of Sydney.

Also remember, the RBA and the government doesn’t want there to be a housing crash. They don’t want to stop record spending at Christmas.

So the talk already is of a slowdown in rate rises from next month.

What does this mean for Perth?

With all other key drivers showing strength and most importantly, the greatest affordability in the country, we are well placed for another round of growth in 2023.

And across to the city of Melbourne, the shortage of stock is greater than the Perth market.

And I can tell you from experience on the ground, there are still huge numbers of buyers out there trying to find a new home.

They might take a little longer to press the button, but they are still there and they still want your home. You don’t need to sell in week one to get a good result.

Our last three local listings received between 60 and 100 inquiries and to get them sold in weeks one or four, still above the asking price.

Thanks for listening. We’ll see you next month.