WA Real Estate Market Favours Sellers

The real estate market in Western Australia continues to favour sellers, rather than buyers, according to new data published over the weekend by the Real Estate Institute of Western Australia (REIWA).

In the recent report, which covers the March quarter, REIWA president David Airey noted that while median house and unit prices are up, 'seller sentiment' has remained largely consistent over the past nine months.

Overall, the average WA property remains on the market for 57 days before a sale is agreed, but Mr Airey said things are looking up for vendors, as there has been some recent movement when it comes to real estate sales. Older stock, he explained, is beginning to shift, making way for new properties.

Half of the sellers who had property listed on the market during the first quarter of 2013 were willing to compromise on their asking price - and of those who were willing to drop the figure, the average gap between the asking and selling prices was 5.6 per cent.

But with the market swinging back into sellers' favour, this type of compromise may not be required in the months ahead.

"We see this [the sellers' market] through the emergence of price-bidding and multiple offers, and with some vendors exceeding their asking price," said Mr Airey.