South Perth Market Update - Winter 2016

WINTER 2016

SOUTH PERTH

MARKET

UPDATE

In this issue What’s Sold // Market Facts // Finance Update What’s Selling // Nice Words

Photograph courtesy George Nuich

WELCOME An over supply? Really?

We are hearing from buyers at home opens that there may be an over supply of properties but just not with the stock they are looking for. A fresh well priced property will still sell quickly with multiple offers.

When studying the housing stock in South Perth and Como, there are low numbers of properties coming onto the market. Only 16% of properties in the market are less than 30 days old. 14% from 30-60 days, 14% from 60 to 90 days.

Buyers zero in on fresh entrants to the market and seem to ignore the longer listed stock (or may have already seen it).

So now there’s actually an under supply of quality fresh stock available for buyers.

It’s a great time to bring your property to market - before that spring over supply.

Please call me today on 0419 474 240.

Alan Bourke

We are seeing that 56% of all housing stock has been for sale for more than 90 days.

Vision without execution is hallucination!

T Edison

MARKET FACTS

(JUN QTR 2016)

VOLUME OF SALES

By Type

HOUSES

19

APARTMENTS

22

LAND

1

VILLAS

1

155

50

TOWNHOUSES

6

FOR SALE

GONE

HOUSE SALES

APARTMENT SALES

Highest Sale

$4,825,000

Highest Sale

$1,010,000

Lowest Sale

$785,000

Lowest Sale

$260,000

VILLA SALES Highest Sale

TOWNHOUSE SALES

$590,000

Lowest Sale

Highest Sale

$1,145,000

Lowest Sale

$570,000

(Source RPData as at 27/04/2016)

FINANCE UPDATE

At the latest meeting on 5 July, The Reserve Bank of Australia kept the official interest rate at 1.75%. The drop from 2.0% to 1.75% on 5 May 2016 was the first change since May 2015.

SOLD & SELLING (JUN 2016 QTR) Gone

Gone

Elizabeth St SOUTH PERTH $1,365,000 4x3x2

Manning Tce SOUTH PERTH $390,000 2x1x1

Gone

Gone

Gone

Mill Point Rd SOUTH PERTH $445,000 2x1x1

Gone

Strickland St SOUTH PERTH $630,000 3x1x2

Mill Point Rd SOUTH PERTH $400,000 2x1x1

Under Contract

Under Contract

Under Contract

14 Delamere Ave SOUTH PERTH Contact Agent 5x4x4

12a Hampden St SOUTH PERTH Contact Agent 3x1x2

9/35 Angelo St SOUTH PERTH Contact Agent 1x1x1

Coode St SOUTH PERTH Contact Agent

3x1x2

Selling

18/1 Hardy St SOUTH PERTH From $399,000 2x1x1

Selling

5/15 Stone St SOUTH PERTH From $459,000 1x1x1

Selling

Lot 18/44 Ranelagh Cres SOUTH PERTH From $2.99M 4+ x 3 x 2

Leasing

2/19 Ridge St SOUTH PERTH $495/wk 3x2x2

Selling

Lot 1/19 Strickland St SOUTH PERTH From $949,000 Land

Leasing

1 Westbury Rd SOUTH PERTH $420/wk 3x1x1

Thank you Alan for all your help. You are truly 100% professional, helpful and an all-round nice guy.

“Professionalism, experience and integrity are rare in today’s world but they are very evident in Alan Bourke, who like a good wine gets better all the time.”

R. Schokman & M. Combes

L. & A. McCloy

Dr. D. Ducrow

“I have found Alan to be an honest, experienced and caring real estate agent.”

P. Strickland

“Alan Bourke gave us quality at all times. It was a pleasure to do business with your company.”

IF YOU WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CALL US TODAY FOR AN OBLIGATION FREE APPRAISAL Alan Bourke Principal / Auctioneer 0419 474 240 alan@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.

272 Canning Highway COMO / 08 9474 2000 / bourkes.com.au Connect with Bourkes /Bourkes.Property /@Bourkes_Property /BourkesTV /Bourkes