The property market has been described as the worst in ten years by an article today in WA Today. With around 17,000 houses on the market, experts have said that property prices have dropped by up to 15% in some areas that are cheaper.
David Evans who runs a real estate agency said "If you go somewhere like Butler and there's 80 homes on the market, they're all pretty similar. A buyer will make an offer $30,000 below the asking price, and if it's not accepted, they'll just move on to the next one. People are walking away from deals where the buyer and seller are only $5000 apart, and that just doesn't happen normally."
The market will be interesting to watch in the coming year as the recent interest rate hikes take a toll on a very unpredictable market. Many people believe that the market will remain flat for another six months but my gut feeling is that some first home buyers will be going house hunting over the Christmas holidays.
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