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Why Soaring Property Supply Makes it Harder to Trade Up

May 23, 2016

“Trading up” is one of the oldest traditions in Australia for families who need more space or feel like they are “outgrowing” their homes. However, due to an oversupply of property, home extensions are becoming an option for a growing number of homeowners in the Perth area.

So, how does a “buyer’s market” make it so difficult to “trade up”? It’s because “trading up” means you have to both buy and sell. While you may find it easy to buy a home that is right for you, it will take a long time to sell your current home.

Home Extensions Perth on Soaring Property Supply

By the Numbers

According to recent statistics released by CoreLogic RP Data, Perth now has 21,726 homes for sale. This is an increase of 12.3% over last year at this time. This makes Perth the capital city with the third-highest number of properties on the market, barely behind Sydney’s 24,000.

The situation has become so dire for some homeowners that they are renting their homes instead of trying to sell them. According to Grant Winning, Principal of LJ Hooker Kalamunda, price is still the main determinant on how quickly a home sells. However, that means taking less money for your current home with no guarantee that the seller of the home you like will “come down” a comparable amount. This means that you will likely have to pay more money to “trade up” than you think is fair.

A Home Extension Can Help You Bypass the Perth Property Market

Luckily, there is an easy solution for you: turn your current home into your dream home with a home extension. This will keep you from having to navigate the capricious Perth property market, saving you time, money and hassle.

Searching for your dream home can be a lot of work. You can look at a lot of established homes and try to find one that “fits into” your perception of your dream home. But will it really be your dream home or will you just be trying to convince yourself that it is. It may have been someone else’s dream home when it was built but the odds of it being exactly what you want are slim to non-existent.

You can build a new home exactly to your specifications. That may work well for you, but it is a lot of hassle and paperwork to build a new home. You have to find the right property and go through the hassle of buying it. Then, you have to find an architect and a builder to design and build your dream home.

Then, it’s time to move. You have to move your electricity, gas and cable accounts. You have to pack and move your belongings from one home to another. You have to say goodbye to your neighbours. Your children have to say goodbye to their friends and “start over” in another neighbourhood. You also have to change your children’s schools.

Call the Most Trusted Name for Home Extensions in Perth

More and more Perth homeowners are beginning to realise that it’s just too much hassle to move when they can turn their own home into their dream home. At Next Level Extensions, we have more than 70 years’ combined experience in building home extensions and second storey additions for Perth homeowners.

It starts with award-winning home renovations designer Max Sardi. Mr Sardi will meet with you and help put your vision of your dream home onto paper. From there, we will take exact measurements of your home and provide you with proposed plans. Once you OK the plans and sign some paperwork, we take the plans to your local statutory bodies.

We guide you through the entire process every step of the way. We seal off the extension site and make sure that there is almost no intrusion in your lifestyle during construction. All of our tradies have been thoroughly vetted by us to ensure the utmost in honesty, trust and quality of work.

To learn more or for a free consult with Mr Sardi, call Next Level Extensions today: 1300 948 094.

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