Bourkes Suburb Market Update - Kensington - by Karen Firth

WINTER 2018

experience better

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

MARKET UPDATE

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 0411 429 069.

Karen Firth Sales Executive 0411 429 069

MARKET FACTS VOLUME OF SALES

By Type

HOUSES

13

UNITS

2

LAND

0

19

15

FOR SALE

GONE

HOUSE SALES (EXCL. VILLAS & TOWNHOUSES) Highest Sale

$1,556,000

Average Sale

$952,213

Lowest Sale

$537,500

Median Sale

$950,000

Highest Sale

$547,000

Average Sale

$509,500

Lowest Sale

$472,000

UNIT SALES

(Source RP DATA as at 05/07/2018)

FINANCE UPDATE At its meeting on 3rd July, 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 (JUNE 2018 QTR) Gone

Vista St KENSINGTON $950,000

Gone

4x2x1

Gone

Vista St KENSINGTON $920,000

3x2x1

Gone

3x2x2

David St KENSINGTON $875,000

4x2x2

Selling

4/50 Gwenyfred Rd KENSINGTON From $569,000 3x2x2

Selling

103 Brandon St KENSINGTON $1.495M 5x3x3

Seventh Ave KENSINGTON $950,000

3x2x1

Gone

3x1x2

Gone

Gone

Brandon St KENSINGTON $1.14M

David St KENSINGTON $820,000

Gone

Gwenyfred Rd KENSINGTON $1.17M 4x2x2

Selling

16/16 Gwenyfred Rd KENSINGTON From $299,000 2x1x1

Selling

147 Lansdowne Rd KENSINGTON $929,000 4x2x4

Banksia Tce KENSINGTON $742,000

3x1x4

Gone

Brandon St KENSINGTON $910,000

4x2x1

Selling

43 Campbell St KENSINGTON EOI 3x2x2

Selling

164 Hensman St KENSINGTON Late $900,000’s 4x2x2

* DISCLAIMER - Not all of the above SOLD or SELLING properties have been sold or listed by Bourkes

“Karen delivered on the two things that really mattered – rapid sale of property and optimal sale price for the home – a great salesperson. I found the service supplied to be above average and I’m satisfied with the results. A pleasure to do business with, would contact Karen Firth when selling or buying in this area in the future. Professional and efficient agent, made our purchase trouble free and pleasurable.”

Karen provided an

extremely professional service. I would not hesitate to recommend her to anyone wishing to sell their house.

P. & S. Keynes

“…it is our view that Karen Firth has achieved for you a result that is nothing less than

P. Cookson

sensational…”

Michael White & Co.

Got a great photo?

Send me your high res image of your pet or house via email/dropbox to go in the draw to win the coveted cover of my next edition of your Kensington Suburb Report.

Karen Firth Sales Executive

“For what it’s worth, call Firth”

0429 429 069 karen@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.

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