Bourkes Market Report - South Perth - March 2017 Quarter

AUTUMN 2017

SOUTH PERTH

MARKET

UPDATE

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

Photograph by Gordon Cheok

WELCOME As the front window of our office shows, we are seeing the first ‘green shoots’ appear in the market by way of slightly improved sales volumes. This hasn’t as yet translated to improvement in prices and won’t for a while. This is due to 3 factors: 1. Lower confidence levels 2. Minimal population growth in WA 3. High stock levels But at least volume of sales is improving and stock levels are not growing in number.

Auctions are starting to show good successes with a number of homes selling at auction in the last month.

Things are improving in this market too.

The vacancy rate is lower though than it was last quarter (at about 5%). Investors comprise less than 9% of the market with occupiers being the balance.

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

0403 069 733.

John Szkirpan

Rents are still soft and tenants are negotiating on current rent levels to stay in existing homes.

MARKET FACTS

(MAR QTR 2017)

VOLUME OF SALES - BY TYPE HOUSES

16

APARTMENTS

32

LAND

5

VILLAS

1

TOWNHOUSES

10

HOUSE SALES

192

64

FOR SALE

GONE

APARTMENT SALES

Highest Sale

$1,900,000

Highest Sale

$12,200,000

Lowest Sale

$625,000

Lowest Sale

$280,000

Average Sale

$892,000

Median Sale

$548,000

Average Sale Median Sale

$1,150,000 $1,175,000

(Source REIWA as at 15/05/2017)

FINANCE UPDATE At its latest meeting on the 2nd May the RBA opted to leave the official cash rate on hold at 1.5%. This follows new data that indicates the strong Sydney and Melbourne property markets may be close to peaking following APRA’s intervention into the levels of interest only and investment lending the banks are funding. The banks however are raising rates independent to the RBA by 0.25 - 0.50%.

-

SOLD & SELLING (MAR 2017 QTR) Gone

Mill Point Rd SOUTH PERTH $302,500 1x1x1

Gone

Melville Pde SOUTH PERTH $745,000 2x1x1

Selling

6/27 Hardy St SOUTH PERTH Mid $600’s 3x2x2

Selling

2/40 Hampden St SOUTH PERTH From $1.050-$1.1m 3x2x3

Selling

90b Labouchere Rd SOUTH PERTH All Offers Presented 3x2x3

Gone

Ranelagh Cres SOUTH PERTH $1.925M 4x3x4

Under Offer

Arlington Ave SOUTH PERTH Under Offer 4x2x2

Selling

1/126 Labouchere Rd SOUTH PERTH $899,000 3x2x2

Selling

28 Anthony St SOUTH PERTH From Mid $1M’s 4x2x2

Selling

113 Douglas Ave SOUTH PERTH Closing Date Sale 3x1x2

Gone

Stone St SOUTH PERTH $530,000

2x2x1

Under Offer

Hardy St SOUTH PERTH Under Offer

3x2x2

Selling

22/150 Mill Pt Rd SOUTH PERTH Late $300’s 2x1x1

Selling

90a Labouchere Rd SOUTH PERTH Offers 3x2x2

Selling

71 Strickland St SOUTH PERTH From $699,000 2x1x3

John is a fantastic agent and went above and beyond the call of duty. Very helpful with all my queries and very patient when it came to assisting me with my first home purchase. It was great dealing with you and thanks again! Would highly recommend!

J Greenaway

“A big thanks to John for assisting us with the purchase of our Como property. John’s advice was spot-on and he handled negotiations on our behalf very effectively. His honest and straightforward approach kept us well-informed and very comfortable throughout the process.” R & D Norrish “We would like to take this opportunity to thank John Szkirpan for the way he has handled the purchase of our property. John is very professional and highly efficient, and also provides very good service. We have been in Australia nearly 20 years and we have purchased and sold quite a lot of properties, John is the best agent who gave us such a brilliant experience. We have no hesitation in recommending John to anyone selling or buying the property, in fact we have already done so. Thanks again.”

Ke Sui & Xiao Yan Yu “Thank you John for taking us through a positive experience as we sell our investment property. As we don’t live in the same state, you have helped us understand the market, frequently updating us on progress, and when it came to make a decision to accept the offer, we were confident we had the best advice and information to do so. Thank you.” D & C Cater

IF YOU WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CALL ME TODAY FOR AN OBLIGATION FREE APPRAISAL John Szkirpan - Sales Executive 0403 069 733 john@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.

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