By now you are probably wondering, “What is happening in the property market this year”? The media is constantly full of contradictory advice, the market is going up, the market is going down, buy now, sell now……just who to believe?
Nedlands continues to be a sought after suburb with family’s and professional couples still queuing up to purchase their own piece of what I believe is Perth’s premier riverside suburb. As I write this, the stock levels in Nedlands are still extremely low with only 34 properties available, and this includes houses, units and villas.
The strongest part of the market is for finished homes with the majority of buyers looking for a quick solution. This has been driven by the decrease in prices at the top end of the market, making the jump up to a better home more achievable for families. The decline in prices in neighbouring Dalkeith continues to put pressure on Nedlands prices.
The Hampden Road precinct is becoming increasing popular with investors and residents with the conclusion of the new Children’s Hospital not far away. The other big news was of course the purchase of the Captain Stirling Shopping Centre by the Aldi Group, although just what their timeframe is remains unknown.
The average days on market for the state as a whole is 72, with Nedlands slightly lower at 56, and my own personal days on market at an all-time low of 22 days.
All in all the market has been extremely strong and has been well balanced between buyers and sellers. The small number of homes available has helped this enormously. There are very good volumes of buyer out in the marketplace and they are eager to buy!