If you are planning to put your house on the market this year, you might not be happy to know that the prices of houses in the area continue to decline. Do not get disheartened though because there are measures you can take to increase your home’s value such as adding Perth security doors or doing simple renovations to make it look more attractive to buyers.
According to the figures published by the Domain House Price Report, the median house price of residential properties in Perth has declined by 3.3 per cent in the previous year. There is a light at the end of the tunnel because before 2018 ended, the real estate market is showing a number signs that it is starting to recover.
Based on the report’s number, the median price of a detached house is now around $546,281. This is lower by 11 per cent compared to the peak price that was recorded about five years prior.
Looking at the quarter data published on December of 2018, the last three months of the previous year was quite decent because the houses listed on the market was able to retain their prices.
Nicola Powel, the senior research analyst at Domain, the demand continues to increase despite the fact that prices are declining. This is based on the number of views they have recorded for each listing which shows to have the largest increased among all other capital cities in Australia. It is evident that the housing activity is affected because of the increased restriction with regards to house financing.
Powel added that because of the surcharge placed on foreign buyers, for residential properties that are listed for this year, the housing recovery in Perth’s market might be a challenge. This might prompt many overseas residents to turn into rental properties instead of buying their own houses.
According to Paul Blakeley, the chief executive of Harcourts WA, there are a number of factors that contribute to the price decline such as tighter lending requirements, property market confidence is dropping, market oversupply and employment security. Homeowners planning to sell should install Perth security doors to increase their value of their properties prior to listing.