WINTER 2020
experience better
RIVERVALE
MARKET UPDATE
In this issue Market Facts | Finance Update | What’s Sold What’s Selling | Words of Wisdom
WELCOME JUNE QTR It’s very difficult for both buyers and sellers to understand what is happening in WA’s real estate market. The National Australia Bank is predicting falls of 7-11% in 2020-21. On the other side of the story is REIWA and real estate agents here are witnessing high sales at levels not seen since 2014. The numbers of listings both for sale and for lease are at 6 year lows. We believe that now is the time to sell. After September 30, JobKeeper and JobSeeker programs
are anticipated to cease, so we may see unemployment rise and an increase in uncertainty for both employers and employees. Over the next 2 months there is a level of certainty in the market, so we’d suggest not waiting until Spring to sell. Go now!
low supply it is inevitable that rents will rise in the last quarter of 2020.
As always, if you are thinking of buying or selling or would like a current market appraisal, please call me on 0413 310 330.
Rentals With 4,000 properties to lease and leasing rates at 1,000 per week, we will see rents rise after the September 30 deadline. Investors aren’t allowed to increase rents for existing tenants until after this date, so with high demand and
Steven Webster SALES EXECUTIVE
MARKET FACTS (JUN 2020 QTR) VOLUME OF SALES By Type HOUSE
21
LAND
8
UNIT
10
37
39
FOR SALE
GONE
UNIT SALES
HOUSE SALES Highest Sale
$950,000
Highest Sale
$715,000
Lowest Sale
$350,000
Lowest Sale
$110,000
(Source RP DATA as at 04/07/2020)
FINANCE UPDATE BY GLEN AUSTEN - DIRECTOR - TAG FINANCIAL GROUP WA is finally moving back towards some sort of normality again and we all hope that things only get better from here. Our economy and property market has been idle for a number of years now, and the last thing it needs is a second wave outbreak like the one seen in Victoria. The activity is certainly bubbling away as buyers and refinancers are waking from their covid-hibernation, and grants from both the State & Federal Governments have got builders frantically trying to keep up, and developers trying to get more land released. The benefit to us in WA is that we are only a small pawn in the overall economy, meaning that we have little effect on the Reserve Banks interest rate decisions. Our economy is opening up which hopefully means that our unemployment rate will start to come down, interest rates are still at all time lows and are unlikely to increase whilst the East is back in lockdown, and banks are willing to lend money still. You could almost say that WA has “green shoots” again!
SOLD & SELLING (JUN 2020 QTR) Gone
Gone
12 / 15 Tanunda Drive RIVERVALE Contact Agent 3x2x1
Gone
76 Toorak Road RIVERVALE $815,000
Gone
4x2x2
Selling
1 Salisbury Road RIVERVALE From $750,000
22 St Kilda Road Road RIVERVALE Under Offer 4x2x2
90 Acton Avenue RIVERVALE Under Offer 4x2x2
Selling
4x2x3
Selling
2 / 114 Surrey Road RIVERVALE $409,000 2x2x1
Selling
80a Kooyong Road RIVERVALE From $575,000 3x2x2
1 / 33 Mozart Mews RIVERVALE Mid $300,000’s 2x2x1
Selling
3 / 5 Hawksburn Road RIVERVALE $500,000’s 3x2x1
Selling
174b Armadale Road RIVERVALE $410,000 Land
Gone
39a Armadale Road RIVERVALE Under Offer 4x2x2
Gone
103b Toorak Road RIVERVALE $410,000 Land
Selling
1 / 94 Fitzroy Road RIVERVALE From $369,000 2x2x1
Selling
78 Norwood Road RIVERVALE From $599,000 4x3x2
Selling
165 Surrey Road RIVERVALE $429,000
3x1x1