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Property market to strengthen in 2011

Staff Reporter 4 minute read

Staff Reporter

The Australian property market could be set for a prosperous 2011, according to RE/MAX.

RE/MAX WA managing director Geoff Baldwin said the RE/MAX group website had seen a 35 per cent increase in web traffic over the last month, suggesting there is pent up demand in the property market which could stimulate renewed buyer activity in the New Year.

“Historically an increase in online traffic has been reliably followed by an increase in home viewings and offers and we expect this to happen again in January, February and for the WA market to continue to strengthen throughout 2011,” he said.

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“For website viewings to be strong during the Christmas, New Year break is unusual in itself because historically people forget about their property aspirations over the break so to see this sort of traffic is very encouraging.”

According to Mr Baldwin, online viewings are up across all price categories with particular emphasis on properties between $300,000 up to $600,000.

In addition, investor email inquiries are up more than 40 per cent.

“With interest rates now relatively stable, property prices as soft as they’ve been for several years and a record number of properties on the market, an increase in buyer activity is inevitable and the indicators now exist for that to begin in the New Year and to build up as the year unfolds,” he said.

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