REIWA
Residential real estate in WA has entered a new growth phase, according to the June quarter 2005 market report by the Real Estate Institute of WA.
The real estate market in WA has not only resisted the interstate slow-down, the local market has actually stepped up a gear, said REIWA President Mr Greg Rossen.
“All sectors of the WA real estate market experienced strong growth in property values in the June quarter. The June quarter saw a coming together of positive market influences, including continuing high levels of property sales to investors and first home buyers, and increased numbers of households trading up to more expensive locations.
“In the June quarter we saw a big increase in demand for properties in the higher priced end of the market, which has been lagging the rest of the market for some time.
“However the hottest markets were outside of the Perth metropolitan area, including Albany, Augusta/Margaret River, Bunbury, Mandurah and the Pilbara.
“Local and interstate investors hungry for affordable and high yielding properties, took a strong interest in regional WA in the June quarter.
“The main indicator of State real estate values, the REIWA median price of house sales in WA, rose 5.1% to $280,000 in the June quarter. The WA median house price rose 19.1% in the full year to June.
“The median price of house sales in Perth rose by 4.2% in the June quarter to $297,000. The annual rate of growth for Perth s median house price was 16.5%.
“The median price of unit and apartment sales in Perth was $230,000 in the June quarter, which is 3.6% up on the previous quarter and 16.8% up on the previous year. The median price of inner city unit and apartment sales experienced a stronger growth rate, rising 4.9% in the quarter to $278,000.
“In regional WA the largest increase in median house prices occurred in Bunbury, rising 9.7% in the June quarter to $260,000. The annual growth rate for Bunbury was a staggering 39.8%.
“Other strong regional markets in the year to June, included Geraldton (median price $195,000 and 40% annual growth), Albany (median price $255,000 and 34% annual growth), Augusta/Margaret River (median price $366,500 and 32% annual growth), and Port Hedland (median price $287,500 and 54% annual growth).
“Land values also continued to grow in the June quarter, however the rate of growth in land values lagged behind the broader market.
“The median sale price of residential blocks of land sold in WA in the June quarter rose 2.2% to $138,000. The annual growth rate for the WA median land sale price was 16%. The Perth metropolitan median land sale price in the June quarter was $143,000 which is 10.9% up on the previous year.
“The WA real estate market continues to benefit from an exceptionally strong State economy, which is drawing in large numbers of interstate and overseas migrants.
“Western Australia also continues to offer some of the most affordable property investment opportunities in Australia.
“The are no signs of a weakening in the WA real estate market and there is enough positive momentum for the current strong rates of growth in property values to continue for the remainder of the year”, said Mr Rossen.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorPERTH PROPERTY
Perth Property surged ahead again in the June ¼
House Prices have doubled in the last 5 years Median in 2000 was $150k, now its nearly $300k, previously it took 12 years to double from $75k in 1988
Perth still has a stock shortage and the vacancy rate has fallen 0.1% to 2.5% weekly rents are up 13% for the FY.
Median house price (not average) climbed 4.2% to $297,000.00…up 16.5% for the year.
Jane Brook and Chidlow (Chidlow 58.1% CG for FY) had the highest CG for the ¼
Cottosloe joined the $1M CLUB with the median achieving exactly $1M for the ¼
Overall WA increase of 5.1% in the Median price for the June ¼ and 19.1% for the FY.
Median Perth House Sales $297k
WA House Sales $280k
Perth Unit Sales $230k
WA land Sales $138k
Vacancy rates 2.5%
Weekly Rent $189
Av Selling Days 50 daysREDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorSuburbs of Interest to us..
SUBURB Sales-FYMedian-Av Change FY-Av Ch5yr
CLARKSON Sales-259 FY-$215k Av Ch-19.4% 5yr Ch-14.3%KIARA Sales-40 FY-$250k Av Ch-15.5% 5yr Ch-12.3%
MORLEY Sales-439 FY-$272k Av Ch-17.2% 5yr Ch-13.8%
******[biggrin] Av Ch-18% 5yr Ch-9.5%
For DAZZLINGS Interest
DALKEITH Sales-76 FY-$1,300,000.00 Av Ch-8.3% 5yr Av Ch-11.6%
HOT WA MARKETS
Port Hedland (up 54.2%) Geraldton (up 40.3%) Augusta , Margaret River, Albany.. Broome returned to more normal levels, but First National REA have a vacancy rate of 0.0%
We seem to post lots of info re WA, how are the other areas such as the NT, QLD and Adelaide doing..?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorCheers mate.
Hey Redwing….shhhhh…try and keep the good thing we’ve got going over here in Perth under your hat…don’t go telling our secret to those people living in West NZ and southern PNG. [biggrin]
Based on the published figures and increased equity, might be time to trundle back to the Bank for another loan…whaddayareckon ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Blimey, you guys are starting to sound like the share nutters on hot Copper– hope you are not pump and dump merchants– no only jokin- you can’t unload property as fast as shares– anyway all the best with Perth–my son was in and out of property there when he was based there in mining–
C’mon over guys..push my CG up further [biggrin][biggrin]
After this new loan I’ll have to sit still for a while anyhow..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWell I hope you were able to copy and paste all of that in and not type it?!
PK
[winking]C’mon PK I’m not ‘that’ good on the keybored….
Interesting Data huh..
PS- Saturday paper had a great liftout of Display homes, designs and where to find themREDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorMedian House Price in Perth hit $308,000.00 so up 23% for 12months..you’d be thinking there has to be a slow-down coming. Anyone expecting Spring to bring a lot more properties onto the market?
REDWING“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi redwing, I haven’t seen those figures – are they new? REIWA still has an article re: the June quarter as its headline on the front page with a median of $297,000.
Any way you look at it, the Perth market is performing strongly. I hope it continues!
Originally posted by Rob_W:Hi redwing, I haven’t seen those figures – are they new? REIWA still has an article re: the June quarter as its headline on the front page with a median of $297,000.
Any way you look at it, the Perth market is performing strongly. I hope it continues!
Saturdays West had the article, I’d guess it’ll be on REIWA shortly..they love great growth and promoting the market. Spring is always a time of selling (as a bonus Gardens look good) be interesting to see what happens over the next few months.
Was speaking to family in Broome, theres about 3 houses a week going up ATM, the’ve solved the problem of council slowing down the process too much.
I’ve been looking at land in Perth and wondering if there are still any good opportunities for CG with minimal deposits?
..we may build next time, however I’m watching a friend who’s started ‘spec building’ to see how things go.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator23% percent is pretty damn impressive. I don’t believe it can continue at this rate, but I think there’s still some upside. The resource boom is certainly continuing, based on the activity up in NW where I am at the moment.
I’m interested in building a spec home up in the northern beachside suburbs as an IP – Yanchep, Quinn’s or Butler. I’ve read the threads in these forums on Capricorn estate (Yanchep) and the Satterley development in Butler with interest. The final stage of Osprey Estate in Quinn’s is still available also.
Think I might do some land shopping when I’m down in Perth in a couple of weeks!
You have a deposti on a block in Capricorn, Rob_W?
I tried to get in there, but was unable to be physically present. Apparently people were camping out infront of the Sales Office to get a block near the ocean! The agent wasn’t able to take an Absent-Deposit (like an absent vote) and so I missed the boat. Just gotta keep an eye out for more available Property.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonSounds like I’ve missed the boat too then with Capricorn’s first stage. I live in Karratha so the camping out thing isn’t really an option for me either!. I’m about to be stuck in Perth for a few weeks though, and a trip to Yanchep seems to be in order given the buzz up there. I last looked at land there was early 2003; dare say things may be a little more expensive this time!
Quinns is the area I know best. Stage 12 of Osprey Estate (Richard Noble) was released a month or two back, it’s selling, but fairly slowly (no camping out there). You can see the water from some of the blocks. I last looked at Jindalee a couple of months ago – I heard a comment around here that it’s selling quite well, but the blocks aren’t particularly cheap. They have a third beachside stage to be released in the future.
I’m interested that the focus seems to be more on Yanchep now rather than Quinn’s. At the end of the day Yanchep is still a fair bit further from civilisation, even once Marmion avenue does go through.
There’s another thread where Ned_Kelly was talking about his development in Butler/Brighton. I’ve never been keen on the idea of being on ‘the other side of Marmion Avenue’, but the block prices did seem to give
the potential to build a really cheap IP.There’s another thread where Ned_Kelly was talking about his development in Butler/Brighton. I’ve never been keen on the idea of being on ‘the other side of Marmion Avenue’, but the block prices did seem to give
the potential to build a really cheap IP.
You better hurry to get here to. Land in Butler all but sold out until next stage middle of next year. Noticed on REIWA site today, no houses in Butler below $300,000.00. Northern suburbs are hot,hot,hot.
ned kelly
Look, it’ll be two weeks until I’m down in Perth. Can you guys stop buying everything so there’s still some land left for me when I get there? Thanks!
It does seem pretty hot at the moment. South of perth seems to have had most of the attention. But the northern beachside suburbs are closer to the CBD by far than Mandurah et al. Theoretically I want rare earth as close to the beach as possible – but a house and land in Butler for $200,000 or thereabouts sounded pretty good!
?buy land ?buy house (they’re sort of looking cheap compared to land prices). Mmmmm, 23% CG. Must buy something! [biggrin]
out of interest Butler and Rockignham are the same distance to the city. I belive the southern strip will continue to outperform the northern strip until after the rail works are finished. the Bunbury freewway extension could boost the whole thing again.then of course are new marinas at rockingham, coogee etc and Mandurah itself has a lot more to offer than a windswept beach. take rockingham… where else in the metro area do you get a beach facing 3 different directions?
then again – I have always felt more comfortable with the south than north and we all have our preferences. maybe we are all wrong – there is a lot of talk of people heading for the hills!
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Great Research redwing. Can really see your passion for Perthh there, we also are as passionate as you are on Perth, check out all the articles we have sourced.
http://www.gpsnetwork.com.au/MediaArticles.html
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auAusprop, I’m a ‘North of the River’ kind of guy I guess…
‘windswept beach’ etc – well there’s a marina in Mindarie of course, and I believe there’s plans for another marina development between Quinn’s and Yanchep isn’t there?
The Jindalee development is meant to have a cafe precinct which I think will start to give the area a bit more of a cosmopolitan feel. There’s some develoment around the surf club area also.
In terms of infrastructure, the freeway and rail line should be going up to Butler in the not too distant future. Why should the southern suburbs have an advantage in that respect?
I’m not sure of the availability of employment nth vs sth. There’s plenty of heavy industry around Rockingham, which may of course be an advantage if it provides jobs, rather than the disadvantage I’d always thought of it as (lots of three-eyed fish!).
Rockingham may be the same distance as Butler (and I know there’s a few Rockingham fans around here and I’ll certainly check it out when i’m down south) – but I think of Butler/Quinns/Yanchep more as the alternative to Mandurah/Secret Harbour – cheapish `beachside living, at the price of a LONG commute if you have to work in the CBD.
Having said that, Quinn’s is the same distance to the Perth CBD as Mt Eliza is to Melbourne CBD, and people seem to cope with that. And the Perth beaches are awesome compared to the crud Melbounians have available to them.
I don’t know much about Sydney beachside property other than it’s sort of expensive. How far are Sydneysiders willing to live away from town in order to get a glimse of the blue stuff?
Quote:take rockingham… where else in the metro area do you get a beach facing 3 different directions?What, the beach water at Rockingham is of questionable quality and the area is next to heavy industry with chimneys bellowing smoke out.It may be facing 3 ways but in my eyes the northern beaches are cleaner with less of the visual and air pollution of Rockingham.
As Rob W states there are lots of developments happening in the northern coastal area but they don’t get the same press as down south as it is easier to get planning approval for them as Butler, Jindalee & Yanchep are still densely populated, therefore these developments do not have people protesting against them. In fact they are welcomed. I know which area my money is on for future capital growth…..time will tell.
ned kelly
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