Busselton’s property market has awoken from its slumber, according to real estate agents.
Sales are reportedly on the rise, spurred on by a combination of cheap mortgage rates, fly-in, fly-out workers and soaring rents.
Stocker Preston director Peter De Chiera told the Times he had gone from a surplus of properties to a shortage at the lower end of the market.
“We’re running out of stock and are out canvassing for more listings, ” he said.
“It’s not unusual to get between 10 and 20 people coming through each open house, whereas 12 months ago you were lucky to get a couple.”
Mr De Chiera said the effects were starting to filter through to the higher end of the market.
Prices had not jumped yet, but vendors were catching on to the increased buyer activity and would eventually ask for more money, he added.
The WA division of the Urban Development Institute of Australia has released figures showing housing finance is at a three-year high across the State.
Falling mortgage costs caused property owner-occupier housing finance, excluding refinancing, to increase 4.9 per cent to $1.5 billion in November.
Harcourts Busselton director Neil Honey told the Times the shortage of listings had prompted the company to use auctions.
“There’s an abundance of buyers so we’re opening it up to create competition and secure better prices for the sellers, ” he said.
Mr Honey predicted growth of six to seven per cent in 2013.
“Twelve months ago, buyers could be a bit cheeky when putting in offers, but now the advantage has shifted to sellers, who are digging their heels in and being more selective.”
Aussie Geographe mortgage broker David Forster said he had noticed an improvement in the number of contacts made to his office in the past five weeks.
“We expect the Australian market to pick up in 2013 as we are near to (or) at the bottom of the cycle, ” he said.Enquiry rates for both investment and owner-occupied mortgages in Busselton, Dunsborough and Margaret River were increasing, he added.
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