AUTUMN 2017
SOUTH PERTH
MARKET
UPDATE
In this issue What’s Sold // Market Facts // Finance Update What’s Selling // Nice Words
Photograph by Gordon Cheok
WELCOME As the front window of our office shows, we are seeing the first ‘green shoots’ appear in the market by way of slightly improved sales volumes. This hasn’t as yet translated to improvement in prices and won’t for a while. This is due to 3 factors: 1. Lower confidence levels 2. Minimal population growth in WA 3. High stock levels But at least volume of sales is improving and stock levels are not growing in number. Auctions are starting to show good successes with a number of homes selling at auction in the last month.
Things are improving in this market too. The vacancy rate is lower though than it was last quarter (at about 5%). Investors comprise less than 9% of the market with occupiers being the balance. As always, if you are thinking of buying or selling or would like a current market appraisal, please call me today on 0419 474 240.
Alan Bourke
Rents are still soft and tenants are negotiating on current rent levels to stay in existing homes.
MARKET FACTS
There is never going to be a right time. The only time is now! Anonymous
(MAR QTR 2017)
VOLUME OF SALES - BY TYPE HOUSES
16
APARTMENTS
32
LAND
5
VILLAS
1
TOWNHOUSES
10
HOUSE SALES
192
64
FOR SALE
GONE
APARTMENT SALES
Highest Sale
$1,900,000
Highest Sale
$12,200,000
Lowest Sale
$625,000
Lowest Sale
$280,000
Average Sale
$892,000
Median Sale
$548,000
Average Sale Median Sale
$1,150,000 $1,175,000
(Source REIWA as at 15/05/2017)
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%.
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SOLD & SELLING (MAR 2017 QTR) Gone
Mill Point Rd SOUTH PERTH $302,500 1x1x1
Gone
Melville Pde SOUTH PERTH $745,000 2x1x1
Selling
6/27 Hardy St SOUTH PERTH Mid $600’s 3x2x2
Selling
2/40 Hampden St SOUTH PERTH From $1.050-$1.1m 3x2x3
Selling
90b Labouchere Rd SOUTH PERTH All Offers Presented 3x2x3
Gone
Ranelagh Cres SOUTH PERTH $1.925M 4x3x4
Under Offer
Arlington Ave SOUTH PERTH Under Offer 4x2x2
Selling
1/126 Labouchere Rd SOUTH PERTH $899,000 3x2x2
Selling
28 Anthony St SOUTH PERTH From Mid $1M’s 4x2x2
Selling
113 Douglas Ave SOUTH PERTH Closing Date Sale 3x1x2
Gone
Stone St SOUTH PERTH $530,000
2x2x1
Under Offer
Hardy St SOUTH PERTH Under Offer
3x2x2
Selling
22/150 Mill Pt Rd SOUTH PERTH Late $300’s 2x1x1
Selling
90a Labouchere Rd SOUTH PERTH Offers 3x2x2
Selling
71 Strickland St SOUTH PERTH From $699,000 2x1x3
Thank you Alan for all your help. You are truly 100% professional, helpful and an all-round nice guy. R. Schokman & M. Combes
“Professionalism, experience and integrity are rare in today’s world but they are very evident in Alan Bourke, who like a good wine gets better all the time.” Dr. D. Ducrow
“I have found Alan to be an honest, experienced and caring real estate agent.” P. Strickland
“Alan Bourke gave us quality at all times. It was a pleasure to do business with your company.” L. & A. McCloy
IF YOU WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CALL US TODAY FOR AN OBLIGATION FREE APPRAISAL Alan Bourke Principal / Auctioneer 0419 474 240 alan@bourkes.com.au If you’d prefer to receive this report by email, please email me your details.
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