AUTUMN 2017
COMO
MARKET
UPDATE
In this issue What’s Sold // Market Facts // Finance Update What’s Selling // Nice Words
WELCOME You may have noticed the recent change to the front window of our office, where we are forecasting a period of positive growth in the local property market. This is largely due to a (slight) increase in the volume of sales recorded in the first quarter of this year, as compared to the last quarter of 2016. Whilst we don’t anticipate an increase in prices overnight, it is a welcome step in the right direction. Fundamentally, there are three main factors contributing to the currently ‘subdued’ market conditions. These are: 1. Negative consumer sentiment 2. A downturn in population growth in W.A. 3. Comparably high stock levels (14,872) On a positive note, however, the latest statistics from REIWA showed an increase in the number of property sales in the first quarter of this year, as compared to the same time last year, and there has been a slight reduction in the number of properties listed for sale during the same period.
In the rental market, prices have continued to soften, with the Median rent currently $350.00 per week and the vacancy rate still at its high point of 6.5%. However, we are noticing an improvement in the level of activity at our home opens, which is translating into more properties being leased, in less time. Investors currently make up just 9% of all purchasers, with the balance being owner occupiers. Please feel free to contact me if you require any real estate advice or assistance, and it will be my pleasure to help you. I look forward to seeing you in the market place.
James Thompson There is never going to be a right time. The only time is now! Anonymous
MARKET FACTS VOLUME OF SALES By Type HOUSES
44
UNITS
49
115
94
LAND
0
SELLING
GONE
HOUSE SALES
UNIT SALES
Highest Sale
$1,750,000
Highest Sale
$855,000
Lowest Sale
$320,000
Lowest Sale
$100,000
(Source REIWA as at 10/05/2017)
FINANCE UPDATE At its latest meeting on the 2nd May the RBA opted to leave the official cash rate on hold at 1.5%. This follows new data that indicates the strong Sydney and Melbourne property markets may be close to peaking following APRA’s intervention into the levels of interest only and investment lending the banks are funding. The banks however are raising rates independent to the RBA by 0.25 - 0.50%.
GONE & SELLING (MAR QTR 2017) Gone
Saunders St COMO Under Contract
Gone
3x1x2
Gone
Coode St COMO $1,650,000
4 x 3 x 3+
2x1x3
2x1x1
3x1x1
4/14 Alston Ave COMO Suit buyers in the $800’s 3 x 2 x 2
40a Alston Ave COMO From $899,000
12A Brittain St COMO From $1.249-$1.289M
Bland St COMO $1,100,000
4 x 3 x 2+
8a Ruth St COMO From $1.299M
4 x 2 x 2+
Selling
4x2x2
Selling
2x1x1
3x2x2
Selling
Selling
Selling
11/26 Baldwin St COMO From $295,000
Gardner St COMO $269,000
Robert St COMO $680,000
Gone
Selling
Selling
7/24 Gardner St COMO From $499,000
2x1x2
Gone
Gone
Saunders St COMO $450,000
Axford St COMO $462,000
Gone
20 Hobbs Ave COMO From $1.199M
7x3x5
Selling
4 x 2 x 2+
91 Bessell Ave COMO $945,000
4x3x2
James was outstanding from start to finish. His salient advice, marketing knowledge and feedback was first class. I would recommend James to all sellers as a straight talking agent who knows his trade and is (always) an unashamed ambassador for the seller. After all, it is the seller that pays the fees.
“I recently sold the above property through your reality office. I would like to thank James Thompson on the highly professional way in which he conducted the sale. I was kept informed of the progress of the sale at all stages and was very impressed at the advertising that James did. I would not hesitate to recommend your office to family and friends in the future. THANKING YOU”
R & T Teuchert
S. Budiseyk
P. Kelly
“James Thompson, I can’t speak more highly of.
Great service
working in the best interests
of both parties. Have already referred James as a result.”
IF YOU ARE CONSIDERING A MOVE SOON OR WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CONTACT ME AT ANY TIME
James Thompson “Como’s Most Trusted Opinion” The James Thompson Team
0421 677 856 james@bourkes.com.au If you’d prefer to receive this report by email, please email me your details. 272 Canning Highway COMO / 08 9474 2000 / bourkes.com.au Connect with Bourkes /Bourkes.Property /@Bourkes_Property /BourkesTV /Bourkes