F.Y.I
Property values up in Sept quarter sending annual growth in Wa to 15.9%according to REIWA.
Median house price $218 900 and in regional Wa $160 400, annual increase of 11.2%
Things are still going strong as at end of Sept, with houses selling faster, land sales still strongest sector, with high level of off-the-plan sales. Investors making up 25%of the market ( thats us [
] ) and New homes sales recording strong growth.. we even have a brick ( and Brickie) shortage here.Top 5 Suburbs with the biggest increase in median prices in the year to Sept 2003
Shoalwater $238 900 12month growth- 40.9%
Joondanna $321 300 12month growth- 39.4%
South Fremantle $473 600 12month growth- 38.6%
Ascot $315 000 12month growth- 38.3%
Kiara $200 400 12month growth- 37.8%according to REIWA high levels of new developements or re-developements of existing properties saw property values rise in many suburbs. The size of the increase indicating Perth was at or near the top of of the market in this cycle. With large increases in property values in most sectors and price ranges, last time such a broad based property boom was seen here was in the late 1980’s….. however the difference was the 1980’s resulted in much higher property values ( as much as 100%!) that were not substainable.
REGIONAL
Karratha has recorded the highest growth ( due to Billion$ of $$$ of inve$tment in mineral/gas projects. in the year to Sept median price rose to $228 677 up 33.7%, beating Mandurah at 25.4%
Shires that recorded a decline were Geraldton-Greenough ( down 2.6%) and Port Hedland ( down 16.4%)
RENTAL VACANCY RATES
Appear to have peaked at 4.5%
Median weekly rent has increased for the first time this year according to REIWA. median weekly rent being $157- up 3%[^] Hope this post is of intrest and use to some of you out there,i found it usefull.
Usually i’m asking for advice and probally not putting much of intrest on the forum..
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Redwing
i live on the other side of the country so you might be able to answer this one for me.
why has Geraldton dropped in price? its a big town/city is there a reason?
westanwestan,
To be honest with you [?]
I lived there for 4 years, its only 5-6hrs from Perth, a Port city, with the wheatbelts and sheep farms etc outlying.
I’ve searched realestate.com myself and thought long and hard about the area, apart from the wind i like the place, rents and prices appear Ok, an earlier post suggested Greenough was a better area! Then again who knows, i tried a search on regional.wa but the commerce page wasn’t coming up?
Maybe somebody with a bit more first hand knowledge can help you out.[
]Redwing
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
I was in Geraldton in late August. The following is my explanation of why the median sale price dropped in that quarter.
Local agents told me that things were quiet until a few months ago. When I got there I was told that one investor from the eastern states had just bought about 20 houses in one go. The investors concentrated on cheap commission houses priced at $50-70k. They were in suburbs that many locals won’t live in. Yields would have been approx 8-9% on the asking price – Geraldton is not a high rent town and rents and prices had remained largely unchanged for at least 10 years.
The agent told me that this frenzy has basically cut out the low end of the market. In a city where houses take several months to sell, that intense buying activity would probably have been enough to depress average prices for that quarter.
Taking out this blip, my judgement is that prices have been either stable or slightly up, and not down.
There is a lot of work going on in town, including the marina project and port deepening. Two weeks ago I heard about an upgrade to the hospital. Then this week ABC News carried a report about Geraldton getting a dedicated university building. Therefore I remain optimistic about Geraldton (at least its
quality suburbs – wonder about the cheap areas though).Greenough: maybe OK for land speculators, but Geraldton has all the facilities and amenities. Greenough is a shire with no real town centre – it’s really part of greater Geraldton and the shire offices are located in Geraldton’s outskirts.
Peter
Hi all,
Does anyone have any recent information on properties in Kalgoorlie???
Thanks for the post redwing, the information you provided has come in very handy.
Cheersthanks for the info redwing, much appreciated, I was also considering buying in Geraldton, I think I will wait and see…….
I now have 1 (YEEHAH) property under my belt, 19 to go ………
[:0)]scampush
carbloke,
When it becomes unlocked check out some of the old posts re: Kalgoorlie, seem to remember some interesting posts about property there and property bought recently +CF [
]Other than that
Kalgoorlie/Boulder area the median house price is $145 833
-4.3% growth in 3months to Sept and
1.1% growth in 12 months (REIWA)That doesn’t mean there’s no good deals there though!
Redwing
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
] ) and New homes sales recording strong growth.. we even have a brick ( and Brickie) shortage here.
]
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