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Your West Perth Market Update
«Names» «Address_1» «Suburb»
Hi «Salutation», It’s an interesting market at the moment… sales stock levels appear to have stabilised around the 12,500 mark which is considered a balanced market. The rental vacancy rate is still very high at 4.2% and there’s possibly more pain to come with broader economic considerations such as the slowdown in the resources sector now coming into play. Prior to the new year, all indicators pointed towards stock levels continuing their upward climb. My appraisal requests jumped to an all-time high as many investors reassessed their property portfolios after a dismal 2 years of decreasing returns and increasing periods of vacancy. The market is stable for the moment but I forecast that sales stock levels will rise over 2015 as an oversupply of new apartments come online. With around 65-75% of inner city apartments classified as rental properties this extra supply could hurt an already struggling rental market forcing existing owners to consider selling. Another factor I can see as having an impact is the downturn of the resources sector. China’s slowing growth and subsequent decreasing demand for resources has impacted heavily on our economy with widespread job cuts as miners look to offset costs in the face of falling commodity prices. With less jobs to go around there are more people leaving than moving into the state which has had a considerable flow-on effect to the rental and sales market. However, one sector continues to achieve outstanding sale prices – The West Perth house market! This can be attributed to supply and demand. As there is very little supply the increased competition between buyers is keeping this sector buoyant and sought after. For the time being, anything with land and a character home is achieving top dollar in the current market. It really is a great time to sell this particular real estate. As always, I’m available for anything you need – from personalised market updates and recent sales information to effective marketing tips and strategies. I’d love to talk to you so please feel free to call me anytime. Kind regards,
Kyron Bone, The West Perth Specialist
KYRON BONE 0408 939 436 The West Perth Specialist THE PROPERTY E
CHANGE | Real Estate Agents and Property Managers | 93883988 | thepropertyexchange.com.au
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