Consecutive interest rate hikes by the Reserve Bank of Australia will not impact the “resilient” WA property market too much, says award-winning realtor Eric Hartanto.
Specialising in properties in-and-around Applecross and the suburb’s “Golden Triangle”, Mr Hartanto has decades of experience in the real estate industry and has won numerous state and national awards, so is better placed then most to predict how the WA housing market will perform in 2023.
“The state is better poised to weather the interest rate increase thanks to WA’s strong market fundamentals, including ongoing demand, a housing shortage, a sturdy economy, low unemployment, and affordable housing,” he says.
“While the hike may cause some hesitancy among buyers and sellers, and adjustments in household budgets, WA’s property market remains resilient.
“Growth is still anticipated, albeit with potential price adjustments. The interest rate rise was factored into market predictions, and the WA market traditionally operates out of cycle with the eastern states, lending to its relative stability.”
Mr Hartanto is so confident about the property market he has launched his own real estate agency, Hartanto Properties, after a long-running and highly successful association with Harcourts. He says it’s all about keeping ahead of the game and warding off complacency.
“We rebranded to keep pushing ourselves to be better,” he says.
“It’s like giving our company a fresh coat of paint that not only looks good but also symbolises our renewed dedication to growing.
“By sharpening our vision and staying true to our values, we’re in a better position to understand what our clients need.”
With not many new houses being built in WA and an influx of migrant workers, it looks like it will continue to be a sellers market for the rest of the year.
“I anticipate home stock levels will remain low for the rest of the year while demand continues to be high,” Mr Hartanto says.
“The ongoing housing shortage combined with a strong economy will likely keep inventory limited and buyer interest elevated, leading to a very competitive market environment.”
And how will the suburb of Applecross perform over the next six months or so?
“Applecross, enthusiastically mirrors, and often outperforms, the general Western Australian property trend,” Mr Hartanto says.
“In fact we often witness growth rates in this area that double the state’s average.
“This is mainly thanks to Applecross’s coveted status as a suburb, attracting substantial interest, much like its river-surrounded counterparts.”
To find out more about Hartanto Properties, 880 Canning Highway, visit hartanto.au or call 9364 2788.