Settlement Agent Perth Firm Forecasts Unprecedented Property Market Conditions

A huge real estate price boom is taking place in Perth and across the country. Many real estate agents are reporting unprecedented levels of buying and selling activity,

WA Settlement Services and Tracey Vermaak are pleased to announce that there are strong indications of a major upswing in demand for properties in Perth and throughout the entire surrounding region. The offers to buy are at unprecedented levels, as potential buyers compete for the existing properties in a seller’s market. Some Perth real estate agents are recording record-setting increases in activity. Urgency among the buyers is being reported as a significant reason for the price increases. However, house prices still have not reached their 2014 peak, by 17 percent. 

The city of Kwinana reports the largest increase in Perth property values, up by almost 11 percent in the last year. Coulson & Co Real Estate has reported a jump in property sales from about five properties monthly to more than two times as many. A growing number of properties are being sold on the agent’s website before they are published more widely. Properties are being sold within 24-48 hours of hitting the market and some before the first home open.

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In this market, renters are being hit from two directions: landlords may decide to take advantage of the higher buyers’ offers and put their property on the market, leaving renters with no rental units available and no ability to purchase new living quarters. Rental vacancies are at some of the lowest levels in decades. The higher asking prices and fast turnaround may mean prospective buyers cannot move fast enough to be considered for a new mortgage.  

Another factor that is affecting the housing picture is the relaxation of eviction bans. This may lead to even more stresses and risk of fracture of the housing market, particularly in Perth. Low-income households may be priced out of any houses due to the increased costs.

About the Company:  

WA Settlement Services is keeping a close eye on the factors which affect the housing market. The Perth area has seen a record-breaking price increase in prices. The houses which come on the market are quickly snatched up.

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