Bourkes Market Update - South Perth - June Qtr 2020

WINTER 2020

experience better

SOUTH PERTH 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!

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

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 are 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

(JUN QTR 2020)

VOLUME OF SALES - BY TYPE HOUSES

9

APARTMENTS/UNITS/ TOWNHOUSES/FLATS

14

157

33

LAND

1

FOR SALE

GONE

COMMERCIAL

9

HOUSE SALES Highest Sale Lowest Sale

LAND SALES

$2,500,000 $760,000

Highest Sale Lowest Sale

$820,000 $225,000

(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 Gone

34 Hampden Street SOUTH PERTH $1,600,000 4x2x4

Selling

1 / 10 Norton Street SOUTH PERTH High $500,000’s 3x1x2

Selling

6a Ridget Street SOUTH PERTH Offers Above $799,000 3 x 2 x 4

Selling

18 Scenic Crescent SOUTH PERTH $1,850,000 5x3x2

Selling

140a South Terrace SOUTH PERTH Offers Above $1,750,000 4 x 2 x 2

(JUN QTR 2020) Gone

40 King Edward Street SOUTH PERTH $6,600,000 5x5x6

Selling

2 Karoo Street SOUTH PERTH From $2,300,000 6x4x3

Selling

8 Hovia Terrace SOUTH PERTH Suit Buyers Mid $600,000’s 2 x 2 x 2

Selling

30 Roseberry Avenue SOUTH PERTH From $1,290,000 4x2x2

Selling

140d South Terrace SOUTH PERTHMid $600,000’s 2x2x2

Gone

69a Strickland Street SOUTH PERTH $1,150,000 4x3x4

Selling

4 / 10 Onslow Street SOUTH PERTH From $849,000 3x2x2

Selling

9 / 20 Garden Street SOUTH PERTH Offers Above $1,388,000 3 x 2 x 2

Selling

44 Broome Street SOUTH PERTH $1,980,000 5x4x4

Selling

802 / 1 Harper Terrace SOUTH PERTH Offers Over $1,050,000 3 x 2 x 2

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