According to PropTrack, national home prices lifted by 0.23% in April, hitting a new record with a 6.60% annual increase from 2023.

Oxford Economics predicts a 30% price growth in Perth for both units and houses by 2027.

Perth’s housing values have maintained their streak of relative outperformance, remaining the strongest market in the country for monthly and annual home price growth. The relative affordability of the city’s homes, population growth, and very tight rental markets are key factors supporting home values. According to CoreLogic’s May 2024 report, Perth home prices saw a significant increase, with an annual growth of 21.1% and a median value of $721,278.

Perth property asking prices continue to reflect this trend. According to SQM Research’s May 2024 report, all houses are priced at $988,327 with an annual change of 18.1%. Meanwhile, all units are priced at $516,188 with an annual change of 17.7%. 

When buying: 

1. Can you tell me about the history of this property?

By posing this question, you can uncover several crucial aspects that can help you make informed decisions:

• Seller’s Motivation: If the seller needs a quick sale due to having bought another property, they might accept a lower offer. Other motivations like relocation or downsizing can also impact their pricing flexibility.
  
• Property’s Age and Ownership History: Asking about how long the property has been owned by the same person and any ownership changes is important. Long-term ownership often means the property has been a good place to live.
  
• Past Incidents: It’s crucial to investigate any significant events including fires or floods that could have caused hidden damage, affecting the property’s value and safety.

A long listing period (over 30 days) can sometimes indicate potential problems with the property itself, pricing strategy, or even issues with the seller’s motivation.

2. What are the local zoning laws here?

Zoning regulations vary significantly across Australia, so it’s essential to discuss these details with your property consultant. Understanding the specific zoning laws associated with your property is crucial, especially if you plan to make modifications or use the property for particular purposes. This knowledge will ensure that any changes you intend to make are permissible and that your investment aligns with your expectations and requirements.

3. Can you give me a Comparative Market Analysis (CMA) for this neighbourhood?

This analysis should provide an accurate reflection of the market value of properties and how the asking price compares to similar listings, allowing you to assess the fairness of the price. 

Asking for a CMA is a great way to gauge the expertise and value of your property consultant, as it shows their ability to guide you effectively through the buying process. Your agent should also provide insights into recent sales of comparable properties, Additionally, your agent should not only track but also interpret market trends, offering advice on the best times to buy based on historical data and future projections.

4. Are there any outstanding legal or financial issues associated with this property?
   
   Ask about any disputes or encumbrances that could affect ownership. For apartment buyers, request a strata report to identify potential issues or upcoming costs.
   
5. What is the property’s energy efficiency rating?
   
   Check the property’s energy efficiency, as this impacts future utility expenses. Nationwide House Energy Rating Scheme (NatHERS) is a rating system (1-10 stars) that can tell you how energy-efficient a home is. A high rating means potentially lower energy bills. Currently, around 90% of new home designs are assessed using the Scheme. Work is underway to expand (NatHERS) to include existing homes, with ratings to be available from mid-2025.

And speaking of increasing value, consider this: a recent study by GWI showed that wellness developments aimed at mid-to-upper market buyers can see home sale price premiums averaging 10-25%, with some reaching as high as 55%. So, choosing a wellness-centric home can be a smart investment for both overall well-being and potential future returns.

When selling: 

1. What marketing approaches do you suggest for selling my property?

A study by Millward Brown surveyed Australians in major cities (Sydney, Melbourne, Canberra) to understand their property search habits. The findings revealed that property search websites and agent websites ranked highest at 82% – 92%. 

Your property consultant should craft a tailored marketing plan that suits your property, potentially including online listings, social media campaigns, and email marketing. To add further value for sellers, I’ve invested in drone technology. This allows us to capture breathtaking aerial footage of properties, offering prospective buyers a detailed and expansive view that goes beyond what traditional photography can provide.

2. Could you outline the steps in the selling process?

Understanding the expected timeframe for selling your property based on current market conditions helps you plan subsequent moves and sets realistic expectations.

3. Which improvements would significantly enhance the value of my property?

Instead of investing in a costly new kitchen or bathroom that might not increase your sale price, consult with your real estate agent about any practical upgrades. They should possess direct knowledge of what buyers in your area are seeking and can advise on renovations that will appeal to the market. Here are a few you can explore:

• Enhance Curb Appeal: A well-maint ained exterior with fresh paint, landscaped gardens, and a clean entryway creates a positive impression on potential buyers.
• Invest in Smart Home Technology: Smart home features like smart lighting, thermostats, and security systems are becoming increasingly popular and make your home more attractive to tech-savvy buyers.

Other tips: 

• Focus on enhancing key selling areas like the kitchen, lounge, and master bedroom. 
• Likely, your agent will recommend engaging a professional home stylist. This strategy ensures your property stands out from the competition by showcasing it in its best light.
  

4. What obstacles might we face when selling this property?
   
   Identify and address any concerns that could impact your property’s appeal or sale price. Simple fixes like painting or landscaping can make a significant difference.
   
   For example, enhancing natural light can transform spaces; this might include painting walls in neutral tones or installing skylights to brighten up darker rooms. Additionally, maintaining your garden and ensuring it’s well-kept can make a strong first impression—sometimes, a simple mow can make all the difference.
   
5. How do you handle multiple offers?

A competent property consultant will keep you well-informed about every offer received. They should also discuss with you your preferred method of communication—be it text, phone call, or email—to facilitate prompt and efficient responses. This ensures that you can act quickly on offers, which is particularly important in a fast-moving market where delays can mean missed opportunities.

If you would like to sell your property or book an inspection of our properties for sale, contact us to enquire.