REIWA: Act quickly to ensure you don’t miss out
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Aug 21, 2018
REIWA: Act quickly to ensure you don’t miss out
Hayden Groves, President of the REIWA and Tim Caporn of Caporn Young Estate Agents discuss the current market, following the REIWA's announcement that sales above $1 million account for 11 per cent of house sales in the Perth Metro region.
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Image supplied by Caporn Young Estate Agents63 Vincent Street, Nedlands for sale by Tim Caporn of Caporn Young Estate Agents, as featured on Luxury List
The REIWA has revealed that sales above $1 million now account for 11 per cent of all house sales in the Perth Metro region.
REIWA President Hayden Groves said there had been a steady increase in the proportion of sales above $1 million in Perth since 2012.
“It’s interesting that the proportion of sales occurring above $1 million has increased during a time when the Perth property market and the WA economy have experienced a difficult few years.
“In the year to June 2012, only seven per cent of house sales in the Perth Metro region were above $1 million, six years later this figure has grown to 11 per cent – the highest it’s ever been,” Mr Groves said.
Related reading: Housing shortage predicted for Perth in next two years
Tim Caporn of Caporn Young Estate Agents told WILLIAMS MEDIA the listings are down in some western suburbs up to 30 per cent, resulting in low choice, so when homes hit the market they sell well.
“We are seeing multiple bidders at almost every auction with a clearance rate of 75 per cent,” said Mr Caporn.
“It is historically low compared to what it normally is.
“A lot of buyers we are dealing with have sold and are renting."
Mr Caporn said he is experiencing a lot of private treaty.
“People are coming in and offering cash. Most people are pre approved or cash buyers.”
63 Vincent Street, Nedlands for sale by Tim Caporn of Caporn Young Estate Agents, as seen on Luxury List
The five suburbs to record the most house sales above $1 million dollars in the year to June 2018 were:
- Nedlands (95 sales)
- Cottesloe (93 sales)
- Floreat (89 sales)
- Claremont (77 sales)
- Mosman Park (75 sales)
Visit Luxury List to see currently listed properties for sale in these Perth suburbs.
“Floreat came out recently as the fastest moving and most desirable suburb in terms of sales and turnover,” said Mr Caporn.
“One of the trends you find in Floreat and Nedlands is big blocks between 800 and 1000 square metres, in good school zones.
“Everyone looks to buy as much land as they can in a good suburb.”
Mr Groves said “Buyers clearly recognise there is excellent opportunity in these aspirational suburbs to purchase high quality family homes at prices we are not likely to see again as the market recovers.”
Related reading: Best time to buy in Perth since 2013: REIWA
Data also shows the number of suburbs with a median house price equal to or above $1 million has increased.
“There are 37 suburbs across the metro area with a median house price at or exceeding $1 million, a notable increase on the 31 suburbs recorded at the same time last year,” Mr Groves said.
“Demand in these suburbs has clearly strengthened. Data shows 25 of those 37 suburbs are selling faster than the overall Perth Metro region figure, which indicates buyers need to act quickly in these areas to ensure they don’t miss out.”
Mr Caporn said he always advises buyers to act quickly if they find something that fits, as if it sells they will need to wait “on average seven years” for it to come back on the market.
Related reading:
"Now is the time to be strategic and secure that location you've always wanted" in Perth
Premium suburbs are leading the recovery of the Perth housing market
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