The shimmer and sparkle of the Perth property market may have well and truly dimmed since the heady days of the mining boom, however it’s not all bad news for those with west coast properties.
Clearly we are in a correction phase and market demographics are changing considerably as we all adjust, however where there is doom and gloom, many see the bright light of opportunity.
However, with population growth grinding back and unemployment rising there are always risks as an economy moves from one stage to another, says Abel McGrath principal and licensee Carmel Gardiner.
She says although the year has been tough in terms of the general economic conditions impacting the market, there are still plenty of opportunities for those who do their research and act accordingly.
“At Abel McGrath, we’ve adapted to the market by providing our clients with constant updates on where the market is sitting in relation to both sales and property management,” she says.
“We’ve had some great results and we are maintaining a positive but realistic attitude.”
Ms Gardiner says despite the persistent scare mongering, giving clients reliable, well researched information is key whether they are buying, selling or renting or if they are landlords or tenants.
“We make sure we are up to date with daily fluctuations in the market and we meet and speak with our clients regularly to make sure we are all working together towards the same result,” Ms Gardiner adds.
She says in tougher more challenging times, the ability to offer first class service is what will elevate a successful agent above the rest.
“At Abel McGrath, we’re committed to doing this and services like constant communication and engaging with clients, is vital.”
With a federal election looming in a matter of weeks, she says the team will watch with interest to assess the impact that the result might have on both the sales and rental market.
“In more uncertain times like these, people really value honesty in terms of the advice and the information that you give them.
“The family home or your investment property are usually the biggest investments people have and we do not take lightly or for granted their decision to entrust us to take care of that.”
As far as the crystal ball goes in terms of predicting whether the Perth market has hit the bottom yet, Ms Gardiner says it’s the question everyone wants to know the answer to.
“Prices are now very good value and regardless of whether prices move up or down in the coming months now is a very good time to buy or rent,” she adds.
In terms of summing up the year that was, she describes the year as a very productive one.
“We haven’t let the economic downturn in WA effect our business.
“We’ve made necessary changes to assist our clients and our staff and I think having a healthy attitude and outlook has really helped us, not only survive, but thrive in these more challenging times,” Ms Gardiner says.
“I really don’t think there is a better time to invest in WA property than right now – interest rates are at historic lows and prices are very competitive in most WA markets, although I would like to see how the election plays out.
“Selling your home, buying a new one or engaging a property management company to look after you is a big decision – the most important advice I can give is to ensure you give your business to someone you trust.”