Buyer demand fuels record month for The Agency in WA

The Agency’s Western Australia office has recorded a record month with 321 properties under offer in February.

That figure is also 11 per cent up on January’s 289 properties and eclipses the previous record of 308 properties in November 2022. 

For the month, the total value of under offer properties was $201.3 million, which was slightly lower than the office’s record of $217 million set in November 2022. 

During February, the office reported 319 new listings, up from 237 in January, and settled 251 properties at a total value of $187.1 million.

In January, the office settled 239 properties valued at a total of $157.6 million. 

The Agency Group General Manager Stuart Cox said the market in WA was still strong and while listing numbers were down, buyer demand was still very evident.

“This is contrary to previous lows in listing numbers in the past, which are usually driven by a low demand in a quiet market…in a slow market people fear not being able to sell,” he said. 

“What we are experiencing now is the fear of selling and not being able to buy anywhere.

“This is likely to ease over the next few months when people realise, they can actually buy and sell in the same marketplace.” 

Mr Cox noted that there were also significant enquiries from interstate investors due to the relatively low capital outlay in Western Australia and the better rental yields properties in the state provide.

In terms of property hotspots, Mr Cox said the upper end of the market, both along the Perth coast and in the Perth hills, were still very strong and don’t appear to have been affected by interest rate rises. 

The Agency’s top performers during February 2023 included Rash Dhanjal and his team with 23 properties under offer and 27 new listings, Adam Naumovski (19 under offer, 17 new listings), Nikki De Rijcke (15 under offer, 19 new listings) and Tom Miszczak (14 under offer, 17 new listings). 

The top property sale for the month was a stunning coastal property at 3 Contacio Cove, Trigg, which fetched $2.7 million and was sold by northern coastal suburb specialist Jason Jowett. 

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