Perth property listings - under 9,000

[redwing]

8th October 2014

Properties listed for sale according to REIWA now at

10,823

4 Weeks ago it was

10,231

Same week last year

8,748


Properties available for rent according to REIWA now at

5,875

4 weeks ago

5,896

Same week last year

3,885

3 Months to September 2014 Vacancy Rate: 4.0%

Overall Median Rent: $450/wk,
Median House Rent: $450/wk,
Median Unit Rent: $430/wk

 

[westminster]

Just thought I would post this here, as they are forecasting 2% decline in Perth over the next 3 years.

Certainly the market has changed and most of the developments I am looking at have not been stacking up for a while now. Also, we are seeing an over supply of apartments/units in various inner city areas.

Its not all bad though, some markets are still strong. Trying to off load higher end stock may be higher risk now??? But of course it will be dependent on the area - demand vs supply thing again.

What do you all think?


The QBE Australian Housing Outlook 2014 expects Brisbane to outperform the other capital cities over the next three years, tipping 17% median house price growth on the back of a supply deficiency that will remain over that time.

The forecasts are from research house BIS Shrapnel

Sydney?s forecast growth from BIS Shrapnel is 9% over the period, while Melbourne is expected to see 5% growth. Adelaide and Hobart are forecasted to see 6% and 5% growth respectively.

Perth can expect a 2% decline over the three years, while Canberra and Darwin will remain stable at 1% and 2% growth.

I think totally dependant on the area. A 2% decline over 3 years could be made up of 10% up and 8% down OR to get a Perth 2% it could be 10% growth in certain areas and 8% down in the outer suburbs.

Who knows.

My crystal ball still thinks moderate growth is achievable in the sub 15km from city range. I'd like to see 5% growth pa

 

[MTR]

I agree, who knows, just watching, watching and watching

Its interesting at the moment am watching areas starting to hot up, perhaps its Spring and everyone is coming out to play.

I have a Chinese RE agent who will be selling my Kardinya blocks, she mentioned that she has Chinese clients currently interested in buying in Perth, children going to uni etc. with the Ozzi $ dropping this may also help.

MTR

 

[WesternRat]

2 bedders in the burbs that I am playing in seem to have jumped $30-40k since mid year...

 

[Archer]

It had been on market for around 50 days at $1-1.2 but I didn't offer until they changed listing to from $999. I paid $50k more than that.

It's an unusual site for the area as it's quite large at 788sqm but there weren't many that wanted a large family home site it seems so they didn't get the higher $ interest.

City of Vincent are about to vote on their new Town Planning scheme (was scheduled for this month) and there is a small zoning increase for this block in that

This one won't see much action for 12mths as I'll rent it out and do some DA work in the background.

Hey Westy I see this is back on the market - Did it not stack up in the end?

 

[westminster]

Hey Westy I see this is back on the market - Did it not stack up in the end?

Whaaaaat? No! Going to check listings now

 

[westminster]

Whaaaaat? No! Going to check listings now

All good I think. I don't think the REA has marked it under offer that's all. Settlement is in 20 days and rental ad is up

http://www.realestate.com.au/property-house-wa-north+perth-414196563

 

[z611143]

Im hoping to land my first full time job very soon as ive done well with a recent interview. One can only hope.

Is a good starting base 1st year our from studies. Will already have had 40k saved by years end so starting to build a respectable deposit aswell.

Once 3 months in, i may wait longer to see what the Perth market is doing but will be looking to buy. Im thinking to wait for the winter season next year when potentially the RBA increase the rates.

Already looking for good buys in the Heathridge, Quinns, Beldon, Craigie areas.

May have a look at Coolbellup, Kardinya, Willagee because of @MTR

Also what are peoples thoughts on Cannington and Wilson areas? I live far away from these areas. I see good shopping and close to shops and transport around, however been told that its not the nicest of areas but you have to start somewhere and unfortunately that somewhere cant be Cottesloe.

 

[z611143]

I think totally dependant on the area. A 2% decline over 3 years could be made up of 10% up and 8% down OR to get a Perth 2% it could be 10% growth in certain areas and 8% down in the outer suburbs.

Who knows.

My crystal ball still thinks moderate growth is achievable in the sub 15km from city range. I'd like to see 5% growth pa

Can i ask how you get a 2% decline if as you suggest could be made up of:
^10% vs v 8%

 

[westminster]

Can i ask how you get a 2% decline if as you suggest could be made up of:
^10% vs v 8%

Hmmm maths fail. You're not supposed to notice

 

[z611143]

Hmmm maths fail. You're not supposed to notice

gee thanks for the quick reply.

I was trying to do soe crazy algebra, algorithms, matrices in my head (Dont know what half them are ha).

Was thinking over 3 years is 10% dwon for 'X' period and is 8% Up for 'Y' period.

 

[westminster]

REIWA says "For the second week in a row there was an increase in reported sales activity, which signal that the seasonal lift in the market is underway."

 

[DexV2]

Would that mean it would be time to sell rather than buy? Only buy when a "good" deal comes up?

 

[Ausprop]

Would that mean it would be time to sell rather than buy? Only buy when a "good" deal comes up?

property trends tend to run long. traditionally perth follows the syd/mel market and it seems we are starting to see that now

 

[westminster]

Would that mean it would be time to sell rather than buy? Only buy when a "good" deal comes up?

Spring is one of the traditional selling times. The weather is nicer but not too hot and settlement can occur before Christmas.

As more comes onto the market there may be less competition in buying so there may be more discounting or bargains.

But golden rule always apply - buy when the numbers stack up with good risk mitigation

 

[MTR]

Have a read of the Herron Todd report re: Perth
Thought it was interesting and pretty much identified the southern corridor as very strong ie Spearwood, Kardinya, Willagee.... however watch out for oversupply in about 2 years time. Makes sense market can not stay forever.

I am offloading in Spring/Summer as I think great time for this - 5 and then moving on wherever I can source good deals

MTR

 

[DexV2]

So you will be selling off 5 properties? is that what the - 5 stands for?
And by good deals, you mean other parts of Perth?

 

[MTR]

Hi Dex
Yes, that is right.

I am playing in the Melb and Perth market. I start building in Melb in January 4 unit site and eyeing another at the moment if I can secure at auction.

MTR

 

[Catalyst]

I am playing in the Melb and Perth market. I start building in Melb in January 4 unit site and eyeing another at the moment if I can secure at auction.

MTR

My idol! Is your story written somewhere, Marisa?

 

[eks883]

Have a read of the Herron Todd report re: Perth
Thought it was interesting and pretty much identified the southern corridor as very strong ie Spearwood, Kardinya, Willagee.... however watch out for oversupply in about 2 years time. Makes sense market can not stay forever.

MTR

given the central location of coolbellup and willagee (+ surrounded by premium suburbs), and the relatively small size of the suburb themselves, do you think there will be less chance of oversupply in these 2 areas? i mean once all the dev sites gone, you cant make more land.

i personally think that these 2 are more desirable in the long run (more central location, convenience and reading actual revitalization plans) therefore people would want to still buy there.

what are your thoughts?