Bourkes Market Report - Victoria Park - March 2018 Quarter

AU T U M N 2 0 1 8

In the Park

VICTORIA PARK

MARKET UPDATE

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

Image taken by Town of Victoria Park

WELCOME The first quarter in every year is a time for optimism and personal mobility. Families move into a suburb often to attend good schools. Companies transfer personnel at this time. Overseas migrants often move at the start of the school year.

Sales and rental figures always show good indications in the first quarter. That, combined with stable interest rates, a restoring confidence level and lower rental vacancy rates, all contribute to confidence for buyers and investors.

There is consistent reports that Perth has come from the darkness and into the light.

Sales numbers are strong and will recover in 2018. Homes are faring better than units with studies showing that the house market has bottomed and moving up. Units may still have a little way to go to bottom out in certain areas and product type.

MARKET FACTS

Developers are looking again at smaller development sites. We are seeing strong interest in the Canning Bridge Precinct with exciting new projects coming on line.

In the retirement area, it was great to see Southcare get permission to build a new aged-care project in Manning too which will generate strong interest.

As always, if you are thinking of buying or selling or would like a current market appraisal, please call me today on 0408 187 003.

Joe Mucci Principal

(MAR QTR 2018)

VOLUME OF SALES - BY TYPE HOUSES

18

APARTMENTS

5

LAND

3

COMMERCIAL

2

HOUSE SALES Highest Sale Lowest Sale Average Sale

35

46

FOR SALE

GONE

APARTMENT SALES

$1,000,000 $350,000 $613,000

(Source RP DATA Median Saleas at 07/02/2018)

$650,000

Highest Sale Lowest Sale Average Sale Median Sale

$510,000 $216,000 $373,700 $294,000

(Source RP DATA as at 17/04/2018)

FINANCE UPDATE At its meeting on April the 3rd, the RBA opted to leave the official cash rate on hold at 1.5%.

This marks the nineteenth 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.

SOLD & SELLING

Gone

Gone

Leonard St VICTORIA PARK $505,000 3x2x2

3x2x1

Lichfield St VICTORIA PARK $659,000 3x2x2

Gone

Gone

Cargill St VICTORIA PARK $463,000

New Park Grove VICTORIA PARK $739,000 4x2x2

Gone

Gone

Rathay St VICTORIA PARK $530,000

(MAR 2018 QTR)

2x1x2

Gone

Gloucester St VICTORIA PARK $513,000 4x2x1

Selling

25B Geddes St VICTORIA PARK End Date Sale 3x2x2

Sunbury Rd VICTORIA PARK $710,000 3x2x2

Selling

2/77 Armagh St VICTORIA PARK $469,000 2x2x1

Selling

51 Mcmaster St VICTORIA PARK From $900,000 3x2x2

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

Gone

Leonard St VICTORIA PARK $510,000 2x2x1

Gone

Manchester St VICTORIA PARK $730,000 3x1x2

Gone

Washington St VICTORIA PARK $650,000 4x2x2

Selling

3/241 Berwick St VICTORIA PARK $699,000 - $739,000 4x2x2

Selling

102A Hordern St VICTORIA PARK From $629,000 3x2x2

“I’ve been impressed with your professionalism throughout. It hasn’t been the easiest of sales, but full credit to you, you got it across the line (even if it was the 11th hour!). We wouldn’t hesitate to recommend you and would be happy to stand as reference for you if required.”

Joe is professional,

efficient and knowledgeable. He works beyond expectation and we feel confident to put our full trust in him. We will definitely use him in the future and recommend his services to everyone. He is not in it for himself; he really does want

Tim & Kate

“I can’t thank Joe and his team enough for the superior service they provided to my husband & I in what was our first sale of a property. Joe’s professionalism & honesty right from our initial conversation instilled a lot of confidence, which was demonstrated when he sold our property in 6 days. Joe then used his negotiating skills whilst dealing with couple of property issues we had to overcome prior to settlement (issues that were not Joe’s fault) that resulted in a positive resolution for us. The communication throughout the entire process was 1st class and we always felt like Joe was in “our corner” right until the end. I highly recommend Joe.”

the best for his clients!

Thank you for all your help over the years it is greatly appreciated.

Hannah & Shane

Melanie

IF YOU WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CALL ME TODAY FOR AN OBLIGATION FREE APPRAISAL Joe Mucci Principal

0408 187 003 joe@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.

845 Albany Highway EAST VICTORIA PARK | 9470 7444 | bourkesinthepark.com.au Connect with Bourkes /bourkesinthepark

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