Bourkes Suburb Market Update - Como - By Tony de Graaf

WINTER 2018

experience better

COMO

MARKET UPDATE

In this issue Market Facts | Finance Update | What’s Sold What’s Selling | Words of Wisdom

WELCOME After the traditional strong first quarter in 2018, most real estate commentators believed we were moving into the recovery stage in Perth. Interest rates were likely to be stable throughout 2018. Population in WA is 2.58M and planned to rise by 0.7% and buyer sentiment was out of the negative zone and now neutral.

What we saw in the last quarter was uninspiring. Numbers through our home opens averaged 2 per home open. Volumes didn’t increase and with most sales we have seen an erosion of equity with sales prices below what people paid. You would expect the buyers to have surged into the market but they are waiting for concrete data that the market isn’t going down further.

State Treasury forward estimates are 0.7% growth in median prices in the 2018/2019 year.

New dwellings are expected to be 20,000 in 2018, 22,000 in 2019 and 23,000 in 2020.

An interesting figure is the difference in days on market with Auction sales versus Private Treaty - 27 days by auction, 72 days by Private Treaty.

We’ve noticed that the $2m plus market has been raided by well informed and savvy buyers with numbers of great buys and little remaining stock.

As always, if you are thinking of buying or selling or would like a current market appraisal, please call me on 0406 320 938.

Tony de Graaf Sales Executive

MARKET FACTS (JUNE QTR 2018) VOLUME OF SALES

By Type HOUSES

18

UNITS

44

LAND

2

HOUSE SALES

138

64

SELLING

GONE

UNIT SALES

Highest Sale

$1,900,000

Highest Sale

$1,250,000

Lowest Sale

$600,000

Lowest Sale

$185,000

(Source Corelogic as at 03/07/2018)

FINANCE UPDATE At its latest meeting on 3rd July 2018, the RBA opted to leave the official cash rate on hold at 1.5%. This marks the twenty-second meeting in a row where the RBA has left rates unchanged, with the last rate change taking place in August 2016, a 25 basis point rate cut.

Having said that, the trend is upwards with costs of finance rising.

SOLD & SELLING Gone

Thelma St COMO $475,000

Gone

2x1x2

Gone

Mary St COMO $965,000

3x2x3

4x2x2

Melville Pde COMO Contact Agent

Comer St COMO $810,000

3x1x2

3x2x2

3x2x2

Bruce St COMO $790,000

3x2x2

2/287 Canning Hwy COMO From $449,000 3x1x1

Selling

12/80 Edgecumbe St COMO From $399,000 2x1x1

23/4 Comer St COMO From $270,000

1x1x1

Selling

Selling

3x1x1

Alston Ave COMO $345,000

Gone

Selling

Selling

31 Bessell Ave COMO Contact Agent

3x3x2

Gone

Selling

9 Barker Ave COMO AUCTION

Gardner St COMO $1,240,000

Gone

Gone

Gone

Preston St COMO $1,230,000

(JUNE 2018 QTR)

20/373 Canning Hwy COMO From $299,000 2x1x1

Selling

1x1x1

86 Birdwood Ave COMO From $749,000

5x3x2

Tony was outstanding from start to finish. His marketing strategy,

knowledge, communication and negotiation with the buyers was exemplary. He and enthusiastically to get our property sold in a difficult market.

“Tony was able to sell my house, obtain a good price and for this alone, I was happy. However the service he provided went above and beyond the service levels I expected. This makes him an excellent agent and I would recommend him without hesitation.”

Pam and Daniel Graves

Adrian Ong

worked tirelessly

“We have had multiple dealings with Agents over the years and as many of us know, there are some that are pushy, others are insipid, some we don’t ‘gel’ with and others that are full of it. Tony is like a breath of fresh air!! He is quite unique; professional, reliable, honest and personable! We highly recommend Tony’s services to anyone looking to buy or sell a property.”

John Gull

If you are considering a move soon or would like to know what your property is worth in today’s market, please contact me at any time.

Tony de Graaf SALES EXECUTIVE 0406 320 938 tony@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.

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