WINTER 2018
experience better
RIVERVALE
MARKET UPDATE
In this issue Market Facts | Finance Update | What’s Sold What’s Selling | Words of Wisdom
WELCOME After the traditional strong first quarter in 2018, most real estate commentators believed we were moving into the recovery stage in Perth. Interest rates were likely to be stable throughout 2018. Population in WA is 2.58M and planned to rise by 0.7% and buyer sentiment was out of the negative zone and now neutral. What we saw in the last quarter was uninspiring. Numbers through our home opens averaged 2 per home open. Volumes didn’t increase and with most sales we have seen an erosion of equity with sales prices below what people paid. You would expect the buyers to have surged into the market but they are waiting for concrete data that the market isn’t going down further. State Treasury forward estimates are 0.7% growth in median prices in the 2018/2019 year.
New dwellings are expected to be 20,000 in 2018, 22,000 in 2019 and 23,000 in 2020. An interesting figure is the difference in days on market with Auction sales versus Private Treaty - 27 days by auction, 72 days by Private Treaty. We’ve noticed that the $2m plus market has been raided by well informed and savvy buyers with numbers of great buys and little remaining stock. As always, if you are thinking of buying or selling or would like a current market appraisal, please call me on 0413 310 330.
Steven Webster SALES EXECUTIVE 0413 310 330
MARKET FACTS VOLUME OF SALES By Type APARTMENT
15
HOUSE
22
LAND
0
30
37
FOR SALE
GONE
LAND SALES
HOUSE SALES Highest Sale
$910,000
Highest Sale
N/A
Lowest Sale
$256,000
Lowest Sale
N/A
(Source RP DATA as at 03/07/2018)
FINANCE UPDATE At its latest meeting on 3rd July, the RBA opted to leave the official cash rate on hold at 1.5%. This marks the twenty-second meeting in a row where the RBA has left rates unchanged, with the last rate change taking place in August 2016, a 25 basis point rate cut. Having said that, the trend is upwards with costs of finance rising.
SOLD & SELLING (JUNE 2018 QTR) Gone
Trelion Pl RIVERVALE $560,000
Gone
3x1x2
Gone
Martin Ave RIVERVALE $666,000
4x2x2
3x2x2
3x1x2
3/32 Cleaver Tce RIVERVALE From $530,000
4x2x2
3x2x2
23A & B Armadale Rd RIVERVALE $485,000 Each Land
152 Roberts Rd RIVERVALE From $749,000
Toorak Rd RIVERVALE $865,000
4x3x2
7/94 Fitzroy Rd RIVERVALE $379,000
2x2x1
Selling
Selling
2x1x1
3x2x2
Selling
Selling
Selling
88 Acton Ave RIVERVALE From $499,000
Norwood Rd RIVERVALE $750,000
Campbell St RIVERVALE $485,000
Gone
Selling
Selling
21 Cleaver Tce RIVERVALE $549,000
5x1x2
Gone
Selling
1/72 Kooyong Rd RIVERVALE From $429,000
Surrey Rd RIVERVALE $622,000
Gone
39 Alexander Rd RIVERVALE Contact Agent
2x1x1
Selling
4x2x2
* DISCLAIMER - Not all of the above GONE properties have been sold or listed by Bourkes
201 Acton Ave RIVERVALE Contact Agent
3x2x2
“Principled and Professional!
A quick successful sale! Steve sold our place in 3 days, which was a huge relief for us. Thorough in his knowledge and accountability. Thanks, Steve H Dillon
It was a positive experience dealing with Steven. He was straight to the point, didn’t mess me around and he knew the local market backwards. He explained everything clearly to me and didn’t make commitments that he couldn’t honour. His help in resolving issues that were outside the boundaries of the sales contract was greatly appreciated.” W Martini
“Great Agent I found Steven to be a very professional, helpful and knowledgeable agent. He has a good understanding of the market and kept us fully informed every step of the way. Steve is easy to deal with, always contactable and he made the process of selling stress free. I have no hesitation in recommending him.” J Byers
IF YOU ARE CONSIDERING A MOVE SOON OR WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, FEEL FREE TO CALL ME RIGHT NOW. Steven Webster SALES EXECUTIVE / LICENCED AGENT
0413 310 330 steven@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.
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