What’s making news at ACTON!
In our last issue of the magazine we noted that we had high expectations for the market in 2014
and we can report that the year has gotten off to a flying start.
Historically the holiday season has seen sales
slow, but sales in January have been extremely
high over the last two years, indicating that serious
buyers don’t take a holiday from house hunting.
ACTON Mandurah posted record sales numbers
for January, selling nearly two properties a day.
Local interest has been high and there has been
returning interest from investors in Perth. On one
weekend they held 78 homes opens with nearly
400 people coming through the properties.
Interest is greatest for properties in the mid-price
range but sales in the canals and upper end of the
market are also increasing.
Similar results have been seen across the ACTON
Group, from first homebuyer markets through
to the premium locations. ACTON Regions are
reporting strong turnouts at home opens, reduced
sale times and multiple offers.
ACTON Carine Glades are experiencing very
high buyer interest with two properties in the first
homebuyer range each attracting over 50 groups.
One property received seven offers, while the
other received 15, and both sold for over the
asking price.
The Western Suburbs is also in the middle of a
revival. Properties up to $1million are selling very
quickly, while listings and sales over $1million are
also increasing.
The auction process has also been performing
well as a method of sale and we are very much
looking forward to seeing the results of a double
auction to be held on March 8. It’s been 20
years since an apartment was listed for sale at 1
High Street Fremantle, and now two have been
put on the market through ACTON Fremantle and
ACTON Dalkeith. These are prestigious properties
in a sought after location and to ensure the best
result for their clients the two offices decided
to hold a dual auction. Our Chief Auctioneer
Boyd Fraser will call the auctions from 11:00am,
on site. These properties were featured on the
Channel 7 West Real Estate Program on Sunday
February 16 and the outcome will be followed up
the week after the auctions.
As noted last year, interest in developments and off
the plan sales has also increased dramatically and
this has continued into 2014. The recent launch
of Elements at South Beach by ACTON Fremantle
saw 18 of the 26 units receive expressions of
interest on the day.
Strong market activity is expected to continue.
Interest rates remain at record lows, and while
the next move is expected to be up, it is unlikely
to happen until later in the year. Even so, interest
rates will still be at very low levels. First homebuyer
activity remains high, with a February report
showing that Western Australian first homebuyers
remained very active over the holiday season
making up 24.2 percent of the loan market.
Across the rest of the country the proportion was
just 11.8 percent.
Other signs for the Western Australian economy
are positive. In the latest State of the States
economic performance report from CommSec
Western Australia has again rated as the
strongest performing economy in the country. The
report analyses eight key indicators: economic
growth, retail spending, equipment investment,
unemployment, construction work completed,
population growth, housing finance and dwelling
commencements. While our State only ranked
number one for retail spending, it placed second
in six other indicators and fourth for dwelling starts.
In more good news for the market, the report also
showed that Western Australia recorded trend
housing finance commitments above decade
averages.
To get a full picture of how the market is performing
in your area, speak to your local ACTON agent.