AFTER a decade in the doldrums, the Mandurah property market is showing signs of improvement.
The latest local REIWA data shows sales for the four weeks to September 25 up 42 per cent on the previous four-week period and 25 per cent higher than the same time last year.
Bassett-Scarfe Realty licensee Adam Bassett-Scarfe said after 10 years in either negative or flat territory, the market was showing some positive signs.
“In the last month, we have seen a reduction in properties for sale in most suburbs and an increase in buyer activity,” he said.
“There is more enquiry for property, and properties priced correctly are tending to sell in shorter time frames.”
Raine and Horne Mandurah real estate consultant Randolph Watson said the market was flattening at the moment, but the recent improvement in sales was a great indication that it could be experiencing the beginnings of a turnaround.
“Properties that have been on the market for a period of time are now selling and prices have stabilised,” he said.
Mr Watson also said inquiries had increased, with Raine and Horne Mandurah receiving more email, walk-in office and phone inquiries and seeing more people at home opens now that the weather was improving.
Some properties were selling before being advertised on the internet.
Mr Bassett-Scarfe said another positive sign was the return of investors.
“For the first time in a long time, investors are entering the market with confidence,” he said.
“They are looking in older established areas with bigger blocks, looking to negative gear now, with a view to future redevelopment.”
Mr Watson said he was seeing a lot of interest from downsizers/retirees and there was also interest from first-home buyers looking to purchase closer to the city centre due to the affordability that was on offer.
“There is demand for all types of property in all price ranges that are representing value,” he said.
“Mostly though these are in the $250,000-$350,000 range, including four-bedroom, two-bathroom or three-bedroom, one-bathroom homes.”
Mr Bassett-Scarfe said homes up to $400,000 were selling well, and listings were becoming scarce in the sub-$350,000 market.
As for the future of the market, he said it was hard to predict.
“The Mandurah market is quite seasonal and we usually see an increase in activity at this time of year,” he said.
“However, I think we are approaching summer with more confidence than we have had in the last decade.”