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Astute property buyers should now be targeting oversupplied capital city markets in Australia such as Perth and Darwin according to Shane Kempton, CEO of Professionals Real Estate Group.
Mr Kempton said that both these capital cites has excellent long term economic prospects and it was only a matter of time before their property markets rebounded.
“It is significant that there are currently more properties for sale in Perth now compared to Sydney.
“The latest CoreLogic RP Data figures for August 2015 show that there were 19,731 properties listed for sale in Perth compared to 18,183 in Sydney.
“This is despite the fact that Perth with 2 million residents has less than half of the population of Sydney with 4.7 million residents. “Perth has now more properties for sale than Sydney because the number of listings in Perth as well as Darwin has surged over the past year due to a decline in buyer activity.
“Darwin has the biggest growth in property listing in Australia with an annual increase of 22.6% and Perth recorded the second highest annual growth rate of 17.0%. “Another indication of the softness in the Perth property market is that is has now has the highest selling times for properties throughout Australia.
“It now takes on average 85 days to sell a property in Perth which is the highest longest selling period of any capital city in Australia with only Darwin having a comparable average selling time 82 days. In comparison, the average selling time in Sydney is just 25 days
“In both these markets, astute property buyers are now able to secure prime properties at very competitive prices which over the long term will prove a wise investment.
“The large supply of homes in Perth and Darwin means that it is a great time for property buyers to achieve major price discounts and financial incentives from developers for properties located in prime locations.
“Timing is critical in the property market and the best time to purchase prime real estate is when stock levels are very high and the competition from other buyers is very limited – the market conditions that currently exist in Perth and Darwin,” he said.