With freight train-like momentum the WA market is slowly but surely increasing in value.
The data isn’t out yet but there is no doubt the median house price in Vic Park and surrounds is on the march again.
Recent outstanding results include a grab bag of impressive numbers.
3×1 villa selling in excess of $550,000.
2×1 duplex half selling in excess of $600,000.
3×1 weatherboard home on half a block selling for over $900,000.
3×1 character brick homes on half a block sell for over $1,000,000.
Why is this so?
Haven’t interest rates made houses unaffordable?
Well it seems that this march on prices has started from the bottom end up.
An incredibly tight rental market (perhaps the lowest in 42 years) has meant tenants who have the ability to buy are choosing to do so, and are looking at older style apartments and villas favourably.
The knock on effect is a level of demand, driven in our part of the world almost solely by owner occupiers, and that is pushing the median house price up.
This is against an environment of steadying rates, an incredible shortage of housing stock (just 3,133 houses for sale as of the 27th April 2020 – REIWA), population growth and effectively full employment.
If you’ve been thinking about selling now could be a perfect time to sell, with many market supply indicators at absolute record lows – currently making record high prices achievable.
Derek Baston
0417 99 23 24
sales@bastonandco.com
Image by aleksandarlittlewolf on Freepik
