Perth property listings - under 9,000

[INVSTOR]

I've seen a house on the market for over $600,000 and it's only worth about $360,000. (reno'd house across the road just sold for $365000). I think it will still be on the market for about 4 more years.

 

[Jake D]

I've seen a house on the market for over $600,000 and it's only worth about $360,000. (reno'd house across the road just sold for $365000). I think it will still be on the market for about 4 more years.

At this rate, it will be the only one.

 

[INVSTOR]

At this rate, it will be the only one.

For sure! By the time I do my DD on other properties they are sold.

 

[WesternRat]

So its hovering around 8500...a perfect storm? What were the numbers back around the peak of the 2007 boom?

 

[HotRod]

So its hovering around 8500...a perfect storm? What were the numbers back around the peak of the 2007 boom?

June 2006, 4900 was the lowest stock on market.

June 2007, 13217 was the "peak" of the market.

 

[HiEquity]

This may help explain the situation...

 

[MTR]

http://au.news.yahoo.com/thewest/a/-/wa/16487520/jump-in-perth-house-values/

Perth median up

 

[Rixter]

House sales below $500k are less with an increase in sales between the $500k - $1Mil mark. Probably the snowball effect of people using the funds to upgrade into the higher market after the FHO's have purchased their properties in the sub $500k market.

 

[Ausprop]

House sales below $500k are less with an increase in sales between the $500k - $1Mil mark. Probably the snowball effect of people using the funds to upgrade into the higher market after the FHO's have purchased their properties in the sub $500k market.

yes this is the opposite of what happened when the GFC - at times there the median was dropping just because lower priced stock was moving and the top wasn't

 

[Ausprop]

a bit of the old panic buying:

http://www.hegney.com.au/uploaded/files/client_added/Panic buying hits home in Perth.pdf

 

[MTR]

a bit of the old panic buying:

http://www.hegney.com.au/uploaded/files/client_added/Panic buying hits home in Perth.pdf

Yes, I think panic has set in, my g/friend has been looking at purchasing a 1 bedder and she can not secure anything and prices have risen since she started looking 3 months ago. She is now considering purchasing in Melb, hopefully she will secure something in Perth as nothing like a rising market to make money

 

[EagerAchiever]

Stock in good areas isn't lasting two weeks in some cases. I fly out to work and by the time I get back there's a sign out front and it's already sold....

 

[westminster]

Almost 50 blocks in Gwelup have sold before titles were issued - at fairly gobsmacking prices per sqm.

http://www.realestate.com.au/property-residential+land-wa-gwelup-200350263

 

[Blacky]

Almost 50 blocks in Gwelup have sold before titles were issued - at fairly gobsmacking prices per sqm.

http://www.realestate.com.au/property-residential+land-wa-gwelup-200350263

Happy days for you!
My sister bought her block there a couple of years back for $400k (550sqm) and I thought she was crazy. Oh - for hind site!

The land developer must be making a Monica at these prices!

 

[westminster]

Happy days for you!
My sister bought her block there a couple of years back for $400k (550sqm) and I thought she was crazy. Oh - for hind site!

The land developer must be making a Monica at these prices!

Yup he is - but it's been a long haul.
My development location isn't as good as these sites in terms of amenities (school, shops, drs, bus all within 200m) but I'll be fine.

 

[westminster]

Reiwa:

Not surprisingly this week's totals fell some 35% due to the Easter break. Reported house sales were down 34% whilst multi-residential sales were down 50%. However, land sales were down only 11% over the previous week with the strength of ongoing land sales contributing to the 6% fall in land listings. Overall listings were down only 2.4% and have fallen to a similar level as early February. Rental listings increased 1.4% to 3,200, their highest level since late 2011.

 

[Ausprop]

wow, i was expecting a rise in available propery due to easter

 

[Ausprop]

OMG this is insane... time for a new thread (when will it be under 7000)?

Listings today = 7,885

 

[HotRod]

Insane.

I'm fresh out of Moet, might have crack open my reserve Dom supply.

 

[Blacky]

Panic buying at its best.

Sellers holding on to see if prices will rise more. Buyers offering everything they have to secure a place.

Im lovin it!