DIRECTOR – SPACE REAL ESTATE
The Perth market is in the middle of a bubble of activity with strong prices being achieved due to a shortage of stock being outweighed by buyer demand. Many buyers are emailing and calling to know about any off market opportunities. There are an increasing amount of sales being facilitated that never reach the advertised market. We have also noticed an increase in enquiry from eastern states and overseas Expats, who are now deciding that a move back to Perth is more likely to happen sooner rather than later. In all, surprisingly buoyant in a turbulent time.
“It’s been a big start to the financial year with the governments support of the building industry driving a lot of enquiry. We have seen an influx of first and second home buyers looking to take advantage of the incentives and this area of the market is really moving. Some lenders have responded with a reduction in LVR’s for construction loans in certain suburbs to help mitigate potential risk to the lender.
As always the banks are looking for good sub 80% LVR* business to help balance the books and we are seeing some very competitive pricing in this area with many rates starting with a 2. There is also a range of cashback offers for refinances to help assist with switch costs. One thing to note is with Covid19 some lenders have been forced to shut down offshore processing centres and as a result turn around times have blown out to in excess of 30 business days with some lenders so this factor must always be taken into account when comparing lenders especially if you are on the clock with an offer to purchase a property.”
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