Posted on Wednesday, January 16th, 2013 in by Matt Garmony
A report released by Landgate, Western Australia’s official register of land ownership, in their “Business Activity Profile” stated the number of transfer documents lodged in December 2012 increased by 31.4% compared to the corresponding period in 2011 and 9.7% between November and December 2012.
Landgate also reported the number of mortgages increased by 23.1% compared to December 2011 with Landgate’s Chief Executive Mike Bradford stating “the December figures support the current trend of improved property activity for the 2013 financial year.”
The above statistics support the opinions of the licenced valuers at Garmony Property Consultants that there is increased activity in the residential property market of the Perth metropolitan area particularly in the lower to median value price range, due to an increase in first homebuyer activity and subsequent trade up buying from second and third home buyers. REIWA reported in November 2012 that “first-time buyers now account for almost 30% of all sales and there is no doubting their impact in the market as they eagerly purchased the more affordable properties”. REIWA also conveyed that the median house price for the September quarter of 2012 was $470,000 which was a decline of 2.9% from the previous quarter due to this increased first homebuyer activity however was up 2.2% from the same quarter of 2011.
Garmony’s Licensed Valuers discussions with local real estate agents throughout the Perth metropolitan area indicate continued steady too strong demand for lower to median value properties up to $800,000 leading up to December 2012 with January being historically a quieter month in the real estate industry.
The licensed valuers at Garmony Property Consultants prepare many pre-sale and pre-purchase valuations for clients providing them with an independent, expert opinion on the value of their existing or proposed property investment assisting them with important property related decisions.