Well we’ve been back selling houses since the 13th of January and our local market is ticking along nicely.
With median time on market for house sales dramatically dropping over the last 12 months;
Victoria Park – April 2018 57 days – October 2018 32 days
East Victoria Park – March 2018 80 days – October 2018 34 days
St James – June 2018 51 days – October 2018 29 days
Lathlain – March 2018 44 days – October 2018 27 days
Carlisle – February 2018 71 days – October 2018 38 days
This up tick in transactions still hasn’t equalled measurably higher prices for sellers, but watch this space as renewed confidence starts to positively affect the marketplace.
First home buyers are back buying established homes in the Town of Victoria Park, with a surprising number of under $550,000 sales in recent months. Free standing properties like villas and character homes on strata blocks are most in demand. It seems they are eschewing the government’s $10,000 sugar hit for new builds and are instead seeking out well located established homes as close to the city as they can afford.
The Sydney and Melbourne buyers are actively shopping for big blocks with character homes, using buyer’s agents they are buying here, sight unseen.
Well located blocks of land in the Town continue to be snapped up. Plenty of people will bite the bullet and build if it means the right house for their needs and the ability to stay in the area.
I am still seeing an exodus of people who want family homes out of Victoria Park into Lathlain and Kensington. If you are sitting on a family home in Victoria Park or East Victoria Park, the buyers are waiting!
Investors are still conspicuous in their absence, and even if they wanted to get into the market, the banks are not supportive, investment rates are higher and the Federal Opposition are talking about removing tax concessions for investors (and with a Federal Election soon this is creating real uncertainty).
The upside of this it is taking the pressure off the bottom end of the market and creating an opportunity for first home buyers to get into the area at a reasonable price. Sales volumes are up, time on market is down, the vacancy rate is down, rents are rising and Western Australia was the only state to report a rise in retail spending in December 2018.
The only thing holding us back right now is the supply of money.
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