PHOTO: Ellie Hill – Centurion Real Estate
Ellie Hill has been a real estate agent for less than a year and has already noticed a brutal trend in the housing market.
Residing in Western Australia, Ms. Hill transitioned from running a dress hire company to real estate, realizing her knack for selling. Inspired by “Selling Sunset” and encouraged by her father-in-law, the 25-year-old rookie is diving into the competitive world of real estate.
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Having fresh eyes has its benefits. Ms. Hill has only worked in a scorching market where, according to PropTrack, prices in Perth rose 20 percent in a year, and nationally, prices are up nearly seven percent since May 2023. In such a market, it’s common for 30 or more people to show up to view a newly listed house.
Despite the competition, Ms. Hill has noticed that people are hesitant to enter the market at the wrong time, fearing they might overpay. “It’s really hard for anyone to get into the market right now, especially for young people,” she said, noting the discomfort of seeing many getting priced out.
The 25-year-old is new to being an agent. Picture: Instagram/ellie_hilll
Interestingly, Ms. Hill has observed an increasing trend of Sydney residents buying local properties due to more affordable prices compared to Sydney, where the median home price is over $1.5 million compared to Perth’s $665,000.
“We have people from Sydney buying investments here,” she noted. Despite the challenges, young people in Perth aren’t completely locked out of the market, and Ms. Hill frequently works with buyers in their twenties. She shared her own experience, explaining that she and her partner recently bought a block of land after deciding against purchasing in 2021 due to high prices—a decision they now regret as prices have soared.
She said, in Perth, young people can still get into the market. Picture: TikTok/ellie_hilll
However, the market’s competitiveness has pushed young buyers to think outside the box. Many are expanding their horizons, saying yes to options they would have previously dismissed. Ms. Hill herself, after several rejected offers, opted for buying land to build their dream home, a strategy she found less competitive than bidding on existing properties.
“Thinking outside the box is the way to get onto the property ladder at the moment,” she advised. Sellers are finding it a good time to sell, as buyers are more flexible with their choices than they were six months ago.
SOURCE: NEWS.COM.AU