April Report

Hi Property Lovers

April seemed to be a quit month all round in Nedlands & the Western Suburbs. There where 10 sales in the Nedlands area & 7 sales in Dalkeith.

What I'm noticing is the lack of properties for sale on the market. Nedlands has around 2619 (figures from REIWA) dwellings in the suburb, of which only 45 are for sale. A lot of this stock has also been on the market for some time (over 60 days).

I'm noticing that buyer's don't seem to have the ergencie to purchase as they did say 6 months ago. Several factor's for this i believe is:

• Price-A lot of property on the market is over priced....DON'T DISREGARD THESE HOMES!!!! If its what you are after, put forward an offer what you feel its worth. Several outcomes can come from this...the sellers accept the offer, the sellers decline the offer or it gets counted. Remember you can always walk away from the offer as long as both parties haven't signed off on it.
• Interest rates-Yes rates have gone up, but they have gone up from RECORD low levels. It would be impossible for the reserve bank not to rise the rates as our economy is going well. The reserve bank has said that we now are at a more "normal" level for the official cash rate.
• Confidence-Even though our economy seems to be doing well, confidence in the market seems to be a little nervous (for both property & stocks). Everyday in the press there are articles on boom times to hard times to come. As long as you have done your home work, the sums add up and It works for you....GO FOR IT.

My thoughts...... There are some great buying opportunities out there, and blue sky ahead. I don't see house prices soring like they did back on 2006/2007 but property will ALWAYS be a sound investment and continued growth over the long term.

If you want any further information please feel free to contact me on 0411 645 174

Thinking of buying or selling in Nedlands? Call me anytime.