Bourkes Market Update - Kensington - June Qtr 2020

WINTER 2020

experience better

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

MARKET UPDATE

WELCOME JUNE QTR

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

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

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.

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

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 0411 429 069.

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

Karen Firth Sales Executive 0411 429 069 ‘For what it’s worth, call Firth!’

MARKET FACTS (JUN 2020 QTR) VOLUME OF SALES

By Type

HOUSES

4

UNITS

0

LAND

0

HOUSE SALES

15

4

FOR SALE

GONE

LAND SALES

Highest Sale

$995,000

Highest Sale

NIL

Lowest Sale

$650,000

Lowest Sale

NIL

(Source RP DATA 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 (JUN 2020 QTR)

Gone

25 David Street KENSINGTON $995,000 4x3x2

Gone

175 Gwenyfred Road KENSINGTON $689,000 2x1x1

Selling

4 / 54 Gwenyfred Road KENSINGTON From $389,000 2x1x1

Selling

14 / 16 Gwenyfred Road KENSINGTON Offers From $270,000 2x1x1

Selling

57 Dyson Street KENSINGTON $949,000 4x2x2

Gone

Gone

74 Collins Street KENSINGTON $650,000 2x1x1

Selling

Selling

3 / 174 Gwenyfred Road KENSINGTON From $649,000 4x2x1

4 David Street KENSINGTON Contact Agent

4x2x2

Selling

Selling

8 / 4 Arundel Street KENSINGTON $370,000 - $390,000 3x1x2

13 Second Avenue KENSINGTON From $1,190,000 4x2x2

Selling

Selling

16 King Street KENSINGTON From $1,299,000

118 Lansdowne Road KENSINGTON $675,000 2x1x1

5x2x3

Selling

123 Gwenyfred Road KENSINGTON Expressions Of Interest 5x2x3

26 Anketell Street KENSINGTON From $849,000 4x2x2

Selling

182 Douglas Avenue KENSINGTON From $699,000 2x1x2

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