Perth Property Market updates

Tano · 12th Mar, 2015

REIWA -February steady, but sales down, listings up

http://reiwa.com.au/About-Us/News/February-steady,-but-sales-down,-listings-up/

In general, Perth?s median rent is unchanged at $440 per week and data shows a vacancy rate of just over four per cent,? Mr Airey said. (4.1%)

There were 6,251 rental homes looking for tenants in February, up by almost 30 per cent on the same time last year.

dexx · 17th Mar, 2015

Ausprop said:
the Kwinana all those 2 lanes need expanding right now to 4 lanes, but that's only half of the cluster frigg that that piece of road is.

Such a frustrating road. Traffic crawls between Beeliar and Roe in the morning for no apparent reason since hardly anyone exits or enters. Then it crawls again between Leach and Canning - again for no reason.

Blacky · 18th Mar, 2015

And this...

https://au.news.yahoo.com/thewest/a/26698918/bigger-karrinyup-to-rival-retail-giants/

Will be interesting to see the market in the area and how it reacts to such a development long term.

Blacky

INVSTOR · 19th Mar, 2015

Ausprop said:
don't we all need a landcruiser .

They look like they come in handy when the turning lane isn't long enough and you need to use the verge.

boeman · 19th Mar, 2015

INVSTOR said:
They look like they come in handy when the turning lane isn't long enough and you need to use the verge.

That is when my Jimny is best.

Landcruisers might have rough terrain prowess, but they are far too wide to fit in the tiny gaps the world provides.

spanna · 19th Mar, 2015

Blacky said:
And this...

https://au.news.yahoo.com/thewest/a/26698918/bigger-karrinyup-to-rival-retail-giants/

Will be interesting to see the market in the area and how it reacts to such a development long term.

Blacky

With this and the Scarborough / trigg redevelopment, it can only be a good thing? The 150 planned apartments has me hesitant though.

westminster · 19th Mar, 2015

spanna said:
With this and the Scarborough / trigg redevelopment, it can only be a good thing? The 150 planned apartments has me hesitant though.

Will def be a change of pace. I'm guessing everything in the centre will be multi storey to cram everything in. All the current carparks will have to be built over.

Traffic on Karrinyup road will be 'interesting'. It already doesn't cope at the Huntriss St intersection on Thurs nights heading towards Karrinyup.

I think it will help the area. Bet those apartments will face the city and get some nice views.

redwing · 19th Mar, 2015

Vacancy Rate: 4.1% at present

Catalyst · 16th Apr, 2015

This one in Willagee sold fast! Appeared in my inbox on 15-4-15. Sold today

http://www.realestate.com.au/proper...essageid=166374157&rsf=emailalert-propdetails

Advertised for $507-$515 k. Sold for $570k.

Tano · 17th Apr, 2015

I was one of 5 contracts. My offer of 560k was not enough. It's worth about 615k

Ausprop · 17th Apr, 2015

Tano said:
I was one of 5 contracts. My offer of 560k was not enough. It's worth about 615k

isn't it only worth what someone will pay for it?

hematite · 20th Apr, 2015

Ausprop said:
isn't it only worth what someone will pay for it?

Depends if you are considering it on 'mark to market' basis.

MTR · 21st Apr, 2015

Ausprop said:
isn't it only worth what someone will pay for it?

Yes, of course, but if the property is $80-$100K under what market has been dictated then logic tells me that it is a screaming bargain and something is not quite right, could be:

an out of area does not know what he/she is doing
seller is desperate

Rixter · 21st Apr, 2015

MTR said:
Yes, of course, but if the property is $80-$100K under what market has been dictated then logic tells me that it is a screaming bargain and something is not quite right, could be:

an out of area does not know what he/she is doing
seller is desperate

Yes I picked an IP up being marketed by an out of area REA.

On a side note - the 3 D's to identifying a Motivated Vendor:

1. Death

2. Divorce

3. Da bank (debt)

Ausprop · 21st Apr, 2015

MTR said:
Yes, of course, but if the property is $80-$100K under what market has been dictated then logic tells me that it is a screaming bargain and something is not quite right, could be:

an out of area does not know what he/she is doing
seller is desperate

I agree, but I always want to slap people when they say things like "it's only worth what someone will pay for it" or "you just created the market price". The sayings are of course true most of the time, but for example if I stand in front of my house and call for bids that's not really exploring the market.

But we must temper this with our own bias, we always think we have a bargain and it is worth so much more because (insert) * no one else could see the development potential * an out of area agent undersold it * my superior negotiating skills * I am skilled at painting out chocolate clinker bricks and it will like a million dollars with a lick of paint * I beat everyone else to it * etc

Tano · 30th Apr, 2015

Update: Bayswater Council - The Morley Activity Centre Structure Plan was endorsed as a Local Planning Policy on 28 April 2015
http://www.bayswater.wa.gov.au/deve...rojects/morley-activity-centre-structure-plan

Aaron Sice · 30th Apr, 2015

thanks Tano.

MTR · 30th Apr, 2015

So where is the market now?

Apparently 2% decline, more stock on the market, oversupply????

Is anyone making it work regardless of strategy

I am sitting back, developing not stacking up, just sold 2 projects, however I am not sure whether my New project will stack up may have to hold, damn it.

More job losses a real concern, Fortecue yesterday

So what are you doing now in the Perth market

Mtr

lilman · 30th Apr, 2015

low balling r60 sites

Ausprop · 30th Apr, 2015

MTR said:
Is anyone making it work regardless of strategy

yes but I can't plaster it all over a discussion forum - so frustrating!!

Perth Property Market updates

More options

Tano

dexx

Blacky

INVSTOR

boeman

spanna

westminster

redwing

Catalyst

Tano

Ausprop

hematite

MTR

Rixter

Ausprop

Tano

Aaron Sice

MTR

lilman

Ausprop

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