Bourkes Market Update - Victoria Park by Joe Mucci

WINTER 2018

In the Park

VICTORIA PARK 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.

MARKET FACTS

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 today on 0408 187 003.

Joe Mucci Principal

(JUNE QTR 2018)

VOLUME OF SALES - BY TYPE HOUSES

19

UNITS

20

LAND

4

COMMERCIAL

3

HOUSE SALES Highest Sale Lowest Sale Average Sale

29

45

FOR SALE

GONE

UNIT SALES

$1,125,000 $420,000 $692,552

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

$680,000

Highest Sale Lowest Sale Average Sale Median Sale

$770,000 $150,000 $383,684 $415,000

(Source RP DATA as at 03/07/2018)

FINANCE UPDATE At its latest 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 Gone

McMillan St VICTORIA PARK $435,000 3x1x1

Gone

Geddfes St VICTORIA PARK $675,000 3x2x2

Selling

2/57 King George St VICTORIA PARK Offers over $259,000 2x1x1

Selling

9C Tuam St VICTORIA PARK $689,000-$709,000 3x2x2

Selling

71A & 71B McMaster St VICTORIA PARK High $300’s-Low $400’s Land

(JUNE 2018 QTR) Gone

Mackie St VICTORIA PARK $600,000

Gone

3x2x2

Gone

Gresham St VICTORIA PARK $660,000 4x2x2

Selling

2/136 Gloucester St VICTORIA PARK $480,000 3x1x1

Selling

16 New Park Grove VICTORIA PARK From $849,000 4x2x2

Selling

407/69 King George St VICTORIA PARK Offers over $169,000 1x1x1

Leonard St VICTORIA PARK $515,000 2x2x1

Gone

Berwick St VICTORIA PARK $740,000 4x2x4

Selling

4/54 Canning Hwy VICTORIA PARK $270,000 2x1x1

Selling

41B Temple St VICTORIA PARK $780,000-$860,000 4x2x3

Selling

507/9 Heirrisson Way VICTORIA PARK $649,000 3x2x2

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

“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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