Various industry and media commentators suggest the local Real Estate market will remain flat for the early part of the new year. Recent activity has been bouyant in the first home buyer's sector, that is properties below $500,000, however, many of the sellers have been investors cashing in and subsequently will not be trading up and creating a flow on effect to the next level.
Sales activity in suburbs such as Joondanna are brisk while sales in the neighbouring suburbs of Mt Hawthorn and North Perth are as slow as we can remember. Asking prices reflect the buyer's lack of urgency and some sellers have continued to reduce prices without success. There is pent up buyer demand and interest rates are attractive to everyone except the retirees, however, job security and the unknown economic outlook seem to be driving the market.
Historically, we will only know the bottom of the market once we have moved on and 2009 will be a breath of fresh air compared to what we have endured this year.