“I’d be pretty demoralising, wouldn’t it? You’re looking to buy and there’s 500 people in the queue in front of you.”
It was a case of incredible scenes last week when hundreds turned up to a home open in Carine and REIWA President Damian Collins dropped into the studio to have a chat to The Bunch about Perth’s property market.
He said the Carine property got up to 12 offers and sold for about 10 percent more than the asking price.
Thing is, he said this situation wasn’t uncommon.
“Look, that is not that uncommon, I’ve seen 10 or 12 offers on properties, 70, 80, 100 people wanting to go through,” he said before blaming a good dose of FOMO for the frenzied buying.
“We’ve come off a five-year low and the bottom hit about June 2020 and everyone’s decided ‘Right, that’s it, 2 percent interest rates, I’m in’,” Mr Collins said.
“We’ve now gone from what was a reasonably buoyant market to a crazy market where people are buying sight-unseen, offering well over the odds and it’s almost FOMO, people have this fear of missing out and they want to get in, get a property and some people doing silly things.
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