There’s been a lot in the news this week, particularly with Cyclone Narelle approaching the north-west coast of Western Australia. As with any significant weather event, there’s a sense of anticipation: watching, predicting, waiting and ultimately not knowing exactly what the full impact will be until it passes.
In many ways, that feels familiar.
It’s a little like the early days of the pandemic. There was constant commentary, forecasts, and speculation, yet the reality is, none of us could have predicted what would follow. Few would have expected the strength of the property market in the years that came after, with some local property values doubling over the past six years.
And that brings us to today.
There are a number of factors influencing the broader environment right now: the ongoing war overseas and its impact on fuel prices and fuel availability (and the flow on effect), last week’s interest rate increase in response to inflation and a gradual rise in available stock. Over the week ending 22 March, listings increased by 8.5% to 3,302 properties for sale, although levels remain around 35% lower than this time last year.
It’s natural in times like these to look ahead and ask questions like, “What will my property be worth in 12 months time?”
The honest answer is – we don’t know.
Markets move in response to a combination of economic conditions, sentiment and human behaviour, and while we can interpret trends and provide guidance, we can’t predict the future with certainty. What we can do is look at what’s happening right now.
On the ground, we are seeing a slight easing in the number of buyers per property compared to earlier in the year, but importantly, depth of demand remains. And what we know is that well positioned properties, that are well-presented and market aligned on price are attracting multiple offers and achieving outstanding results.
This week, our team successfully negotiated the sale of SIX properties, most attracting multiple offers. One standout result was 11 Leslie Road, North Fremantle, which received six competitive offers and sold within 11 days of launching.
We’ve also seen an increase in appraisal requests, with many homeowners and investors looking to sell ahead of winter.
So while we can’t predict exactly what lies ahead, we can focus on what is within our control, providing insights and advice that helps you make informed decisions based on current conditions, having a clear strategy, and working with the right guidance to position your property effectively in the market today.
If you’ve been thinking about your next move, or simply want to understand where your property sits in the current market, we’re always here for a considered and informed conversation.
