When people in Bunbury want to sell a home, like any savvy homeowner, they tend to look at the market conditions and list at the most opportune time. The current sentiment around the housing market in Australia is that homeowners will soon experience a downturn in median value, according to the CoreLogic-TEG Rewards Consumer Housing Market Sentiment Survey.
A year ago, two-thirds of Australians believed that there was a crash imminent in the landscape, which is the same as it is at the moment. However, six months ago, that figure was up slightly to 68 per cent, which perhaps indicates there was a fright in the market around that time.
The largest asset base in the country ($6.5 trillion) isn't looking that weak, although if a small crash were to be seen, how would sellers of real estate in Bunbury react?
As soon as house values drop, buyers will be looking to snap up as much property as possible to take advantage of the lower cash outlays they'll need to provide in order to own property. However, sellers might well be less inclined to list their homes because of the lesser amount of money they'll be able to see in return.
This potential imminent market decline shouldn't be scaring sellers into stopping their homes being sold. CoreLogic RP Data states that the median house value of Perth real estate is $613,180, and while Bunbury still sees a slightly lower value than that, there could still be some capital gains made on properties sold in a declining period. The property market is typically thought to go through seven-year cycles of troughs and peaks, and a seller might still see great capital gains on a property sold in a market trough period. It's all about market confidence.
Thinking about listing your home with the Bunbury experts? Contact Ray White Bunbury to see what its team can do for you.