Most people would probably agree that we have had one of the dryest spells in the property market over the past four years. WA especially because of its heavy reliance on the mining industry has been hard hit due to mining decline as well. When Melbourne and Sydney in particular had a mini boom about a year ago, we were on the down slide instead.
The good news now is we seem to have hit the bottom finally and there is no where else down there to go. House prices have seen a slight rise in the week ending 19th November, according to RP Data by 0.2% in Perth. Similarly, it is taking fewer days to sell now, compared to the same time last year.
If the trend we see now continues into the new year, 2018 is likely going to be a better year with modest increase in property values across the state. The optimism is strengthened also by the fact that there are fewer global issues such as major elections and unexpected outcomes of the types witnessed in the USA presidential election, the French election and the Brexit referendum, all of which came with some levels of global unease this year. So, fingers crossed, we should all be able to smile more and sleep longer this coming year.
Jim's simple advise is, if you don't have to sell, wait till the market picks up. But remember, if you do sell in the low market, you are better off reinvesting your money in the same market.