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Staff Reporter
ACTON, a WA-based real estate group, has recorded its best September quarter since 2009, with sales up by 59 per cent on-year.
“Sales figures have been consistently strong all year and we are feeling very positive at the moment,” said ACTON managing director, Graeme Baxter.
September sales were 80 per cent higher than the same time last year, the company added.
Mr Baxter said the surge didn’t necessarily mean the WA property market was headed for another boom.
“The last couple of years have been difficult; we’ve seen sales levels and prices fall across the market, with some areas feeling it worse than others,” he said.
“While results this year have been much better it’s far too early to be thinking about a boom.
“I also think economic conditions are such that we are unlikely to see the market crash. The unemployment rate is fairly stable and while we have seen it increase slightly, we would need to see massive job losses to trigger a desperate need to sell at any price.
“Plus interest rates are low and are likely to remain that way for some time. We have just had a rate cut and another is expected, which makes home ownership even more affordable.”
Mr Baxter is confident that the market is in a recovery phase.
“Listings are below the 12,000 equilibrium point and home loan figures are up. We are seeing well-priced properties sell in shorter time frames, and greater activity at auctions. Prices are starting to show some gentle growth, and a few agents are even reporting multiple offers received and sale prices achieved above the asking price.”
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