WINTER 2018
In the Park
ST JAMES
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.
MARKET FACTS
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 0401 076 690.
Andrew Patterson Sales Executive
(JUNE QTR 2018)
VOLUME OF SALES - BY TYPE HOUSES
15
UNITS
2
LAND
0
COMMERCIAL
0
HOUSE SALES
$715,000 Lowest Sale $460,000 Average Sale $518,750 (Source RP DATA Median Saleas at 07/02/2018)$511,500 Highest Sale
31
17
FOR SALE
GONE
UNIT SALES Highest Sale Lowest Sale Average Sale Median Sale
$495,000 $305,000 $390,500 $380,500
(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
Gone
Gone
Upton St ST JAMES $365,000
3x1x2
3x1x2
Selling
2/45 Victoria St ST JAMES From $675,000
5x2x2
Pitt St ST JAMES $385,000
3x2x2
3/38 Norman St ST JAMES Buyers over $400,000
2x1x4
Selling
11/1045 Albany Hwy ST JAMES $189,000 1x1x1
10/5 Welshpool Rd ST JAMES From $229,000
3x1x2
Boundary Rd ST JAMES $690,000
4x2x3
9 Bone St ST JAMES From $549,000
3x1x3
Selling
2x1
Selling
20A Tate St ST JAMES EOI From $499,000
3x2x2
Selling
Selling
3x1x1
Emily St ST JAMES $535,000
Gone
Selling
Selling
9 Salisbury St ST JAMES From $539,000
Alvah St ST JAMES $715,000
Gone
Gone
Gone
Reen St ST JAMES $452,000
(MAR 2018 QTR)
10A Burlington St ST JAMES EOI
Land
Selling
3x3x2
70 Hill View St ST JAMES From $489,000
* DISCLAIMER - Not all of the above SOLD or SELLING properties have been sold or listed by Bourkes in the Park
2x1x4
“From the start Andrew was straight up with us where the market is at. With Andrew local knowledge and experience, he was right on the mark with the pricing. The house was sold in weeks, not months as you see on the market.”
Andrew was fantastic helping in all areas getting the house ready for the market, organizing and attending the fixes that was required and mediating between both owners. Andrew would also advise how the market was going, giving his input for a good sale. Thanks again. Andrew!
Justin
“I chose Andrew Peterson because he has a long track record of selling property in Victoria Park Perth. I found him trustworthy, thorough and has excellent communication skills. He gave realistic assessment at all times so my home sold relatively quickly compared to others in my neighbourhood who have been given pie in the sky appraisals. I recommend Andrew to sell your home.” Brone
“Highly recommend Andrew as an agent who does what he says, knows his craft and we benefited from his advice. A knowledgable and experienced agent, who achieved a successful sale in difficult times.”
M. Teo
Margaret
IF YOU WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CALL ME TODAY FOR AN OBLIGATION FREE APPRAISAL Andrew Patterson Senior Sales Exectuve
0401 076 690 andrew@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.
845 Albany Highway EAST VICTORIA PARK | 9470 7444 | bourkesinthepark.com.au Connect with Bourkes /bourkesinthepark
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