Price drop opportunity in Western Australia
Geoff Baldwin of RE/MAX Lighthouse Realty Western Australia suggests the time is right for opportunistic buyers in Western Australia looking to secure value.
As the real estate market moves into the annual Spring/Summer resurgence there remains a window of opportunity to take advantage of some great buys, especially in the middle to upper price ranges with the Northern suburbs standing out according to RE/MAX WA managing director, Geoff Baldwin.
“Homes in suburbs like Ocean Reef, Connolly, Iluka, Currambine, Burns Beach and Jindalee are all selling well below what they would cost to buy land and build and the added bonus is that the owners of these properties have invariably added extra value by way of pools, pergolas, solar boosters, etc that they tend to discount at sale time”, he said.
“It is also a fact that people selling lower priced properties are not having to drop their prices by near the percentage that is happening further up the market and this means they have a window of opportunity to upgrade that will only remain open for a limited time.
“Properties along the coast that were selling for over a million dollars are now going for high eight hundreds to early nine hundreds and buyers are now really beginning to recognise this value.
“Upgraders should not hesitate to consider making offers subject to the sale of their present property provided the owners of the one they are buying are willing to give them time to sell however this will always depend on how saleable their current home is made.
“This irregularity in the market is primed for upgraders to take action however it will not exist for a long period because, as the weather heats up so too will the market with the result that stock levels will reduce and prices will bounce back quickly”, Mr Baldwin said.
