THE Bunbury property market is continuing to see the rolling increases which have been experienced over the last 12 months.
This is the view of Real Estate Institute of Western Australia spokesperson Drew Cary who said market supply and demand were currently meeting each other well.
“Bunbury has experienced a period of strong demand from buyers and the regular listing of quality properties coming on to the market from sellers,” Mr Cary said.
“Supply and demand are keeping up with each other nicely.”
Mr Cary said interest in the market has been across the board but there has been a lot of interest in properties under $500,000.
He also said investors were enjoying the current climate as the market was offering them a sense of security.
“Investors are capitalising on the favourable conditions which are currently in play for them,” Mr Cary said.
“There are financial indications that interest rates on fixed home loans will remain somewhere between 5.5 per cent and 5.7 per cent for the next five years.
“If you were an investor entering the market now you can feel comforted that interest rates are not going to rise dramatically – it is a nice place to be as an investor.”
In the rental market, demand has not fluctuated a lot in the last 12 months with landlords finding tenants in a prompt manner.
The latest data from online rental agency rentfind.com.au found the median rent on a house in Bunbury has risen six per cent over the past 12 months with the price of rent on an apartment rising 13 per cent.
The company also found the average time a property remained on the market had stayed fairly constant at 16 days.
“Between the tenant exiting and the new one entering the property has to be advertised, applications filed and all the paperwork must be signed,” Mr Cary said.
“To get that whole process completed in around two weeks is quite impressive.”
As for auctioning a property, Mr Cary said they can be a great tool for shifting property.
“Auctions can be a very effective tool but the key with auctions is the seller must be willing to accept what the market deems the property to be worth.”