Bourkes Market Update - Como - June Qtr 2020

WINTER 2020

COMO

MARKET UPDATE

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

WELCOME JUNE QTR It’s very difficult for both buyers and sellers to understand what is happening in WA’s real estate market.

are anticipated to cease, so we may see unemployment rise and an increase in uncertainty for both employers and employees.

The National Australia Bank is predicting falls of 7-11% in 2020-21.

On the other side of the story is REIWA and real estate agents here are witnessing high sales at levels not seen since 2014.

Over the next 2 months there is a level of certainty in the market, so we’d suggest not waiting until Spring to sell. Go now!

low supply it is inevitable that rents will rise in the last quarter of 2020.

As always, if you are thinking of buying or selling or would like a current market appraisal, please contact one of our area specialists.

Rentals With 4,000 properties to lease and leasing rates at 1,000 per week, we will see rents rise after the September 30 deadline. Investors aren’t allowed to increase rents for existing tenants until after this date, so with high demand and

The numbers of listings both for sale and for lease are at 6 year lows.

We believe that now is the time to sell. After September 30, JobKeeper and JobSeeker programs

MARKET FACTS (JUN QTR 2020) VOLUME OF SALES

By Type HOUSES

9

UNITS

25

LAND

1

HOUSE SALES

117

35

SELLING

GONE

UNIT SALES

Highest Sale

$1,525,000

Highest Sale

$890,000

Lowest Sale

$240,000

Lowest Sale

$ 185,000

(Source Corelogic as at 08/07/2020)

FINANCE UPDATE BY GLEN AUSTEN - DIRECTOR - TAG FINANCIAL GROUP .WA is finally moving back towards some sort of normality again and we all hope that things only get better from here. Our economy and property market has been idle for a number of years now, and the last thing it needs is a second wave outbreak like the one seen in Victoria. The activity is certainly bubbling away as buyers and refinancers are waking from their covid-hibernation, and grants from both the State & Federal Governments have got builders frantically trying to keep up, and developers trying to get more land released. The benefit to us in WA is that we are only a small pawn in the overall economy, meaning that we have little effect on the Reserve Banks interest rate decisions. Our economy is opening up which hopefully means that our unemployment rate will start to come down, interest rates are still at all time lows and are unlikely to increase whilst the East is back in lockdown, and banks are willing to lend money still. You could almost say that WA has “green shoots” again!

SOLD & SELLING (JUNE 2020 QTR) Gone

Gone

1 / 39 Preston Street COMO $1,125,000 4x3x2

Gone

31 Axford Street COMO $355,000

Gone

2x1x3

4x2x2

Selling

2 / 28 Eric Street COMO Offers Above $549,000

7 / 9 Lockhart Street COMO Contact Agent 3x2x1

Selling

3x2x3

Selling

1 / 67 Ley Street COMO Offers Above $349,000

3 / 61 Preston Street COMO $475,000 3x1x2

Gone

Gone

49 Bruce Street COMO $900,000

143a Coode Street COMO $1,450,000 4x3x3

40a Bessell Avenue COMO From $779,000 3x2x3

Selling

2x1x1

7 / 68 Gardner Street COMO Offers Above $349,000 2 x 1 x 1

Gone

18 Ryrie Avenue COMO $1,120,000

4x2x2

Gone

372 Canning Highway COMO $615,000 2x1x2

Gone

2 / 54 McDonald Street COMO Under Contract 3x2x2

Selling

4 / 67 Mary Street COMO Offers Above $999,000

4x2x3

Selling

91a Edgecumbe Street COMO Offers Above $549,000 2 x 1 x 2