Bourkes Market Update - Como Avenues - June Qtr 2020

WINTER 2020

experience better

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

MARKET UPDATE

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 call me on 0414 400 136.

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

Cristina Spinella SALES EXECUTIVE

MARKET FACTS - COMO AVENUES (JUN QTR 2020) VOLUME OF SALES

By Type HOUSES

1

LAND

0

UNITS

3

HOUSE SALES

4

4

FOR SALE

GONE

UNIT SALES

Highest Sale

$1,120,000

Highest Sale

$535,000

Lowest Sale

$275,000

Lowest Sale

$208,000

(Source Corelogic as at 08/07/2020)

FINANCE UPDATE BY GLEN AUSTEN - DIRECTOR - TAG FINANCIAL GROUP

. is finally moving back towards some sort of normality again and we all hope that things only get better from here. Our economy WA 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 Gone

Monash Avenue COMO $275,000

Gone

Gone

2x1x1

Gone

Canning Highway COMO $208,000

(JUN 2020 QTR)

Todd Avenue COMO $610,000

3x2x2

Gone

2x1x1

Selling

40a Bessell Avenue COMO $1,100,000 5x2x2

Selling

140d South Terrace SOUTH PERTH Best Offer 3x2x2

Ryrie Avenue COMO $1,120,000

McDonald Street COMO Contact Agent

3x2x2

Selling

4x2x2

Selling

4 / 10 Ventnor Avenue MT PLEASANT From $585,000 3x1x1

Selling

217 + 217a Manning Road WATERFORD Best Offer Duplex ea. 2 x 1 x 2

68 Thelma Street COMO Auction

2x2x1

Selling

70 Hobbs Avenue COMO Best Offer

4x2x2

Selling

219a Manning Road WATERFORD From $399,000 3x1x1

* DISCLAIMER - Not all of the above GONE or SELLING properties have been sold or listed by Bourkes and are provided for information purposes.