SPRING 2020
experience better
SOUTH PERTH In this issue Market Facts | Finance Update | What’s Sold What’s Selling | Words of Wisdom
MARKET UPDATE
WELCOME SEPT QTR
with six (6) offers – 4 for cash in excess of $1.7 million, (it sold for $1.8 million).
Much Ado About Nothing There was much commentary, months ago, about how the real estate market would fall once Jobkeeper and Jobseeker grants were reduced in October 2020. Fortunately this has failed to materialise. October has continued its strong run of sales with both REIWA and us reporting good sales numbers. REIWA 933 (609 same time last year) Bourkes 26 Most properties are selling with multiple offers. One of our “Best Offer” campaigns closed recently
MARKET FACTS
The same is occurring in the rental space. We have had an average of five (5) applications for every 1 rental available. Rents must stay where they are until 1 April (due to Covid legislation) but then they will increase across the board. Higher rents are bad for tenants but this will attract more investors into the market.
As always, if you are thinking of buying or selling or would like a current market appraisal, please call the office on 9474 2000.
As the supply of rentals increase, the pressure on rents will correct. We anticipate this will take 12 to 24 months.
(SEPT QTR 2020)
VOLUME OF SALES - BY TYPE HOUSES
9
APARTMENTS/UNITS/ TOWNHOUSES/FLATS
14
LAND
1
COMMERCIAL
9
HOUSE SALES Highest Sale Lowest Sale
157
33
FOR SALE
GONE
UNIT SALES
$2,500,000 $760,000
Highest Sale Lowest Sale
$820,000 $225,000
(Source RP DATA as at (10/11/2020)
FINANCE UPDATE BY GLEN AUSTEN - DIRECTOR - TAG FINANCIAL GROUP As many economists predicted the RBA dropped the cash rate to an all time record low of 0.10% in November, and furthermore have stated that they are not expecting to increase for at least 3 years. Some lenders have passed on the cuts straight away meaning that money is the cheapest that it has ever been to borrow. It also means that having money in savings is not doing much for people anymore as they are not earning any interest and therefore they are better investing it to get a return. As far as property is concerned, this will hopefully be a driver for the market to improve sooner rather than later.
SOLD & SELLING Gone
1/12 High Street SOUTH PERTH $1,200,000 3x2x2
Gone
44 Anstey Street SOUTH PERTH $2,225,000 4x3x2
Gone
88 Lawler Street SOUTH PERTH $900,000 3x2x2
Gone
5/8 Sandgate Street SOUTH PERTH Contact Agent 3x2x2
Selling
76 Lawler Street SOUTH PERTH $1,100,000 3x2x2
(SEPT QTR 2020) Gone
9 Thomas Street SOUTH PERTH $2,125,000 5x4x4
Gone
69 Gladstone Avenue SOUTH PERTH $765,000 3x1x2
Gone
103 Angelo Street SOUTH PERTH $975,000 3x1x2
Selling
9 Salisbury Avenue SOUTH PERTH Offers Above $1,199,000 4 x 2 x 3
Selling
4/10 Onslow Street SOUTH PERTH Best Offer by 25 November 3 x 2 x 2
Gone
11 Norfolk Street SOUTH PERTH $2,200,000 4x3x2
Gone
82 Douglas Avenue SOUTH PERTH $970,000 4x2x2
Gone
222 Canning Highway SOUTH PERTH $550,000 2x1x2
Selling
18 Scenic Crescent SOUTH PERTH $1,690,000 5x3x2
Selling
103/6 Manning Terrace SOUTH PERTH High $500,000’s 3x1x1
* DISCLAIMER - Not all of the above GONE or SELLING properties have been sold by Bourkes and are provided for information purposes.