Price adjustments in Perth's Balga, Rivervale: Herron Todd White

Price adjustments in Perth's Balga, Rivervale: Herron Todd White
Price adjustments in Perth's Balga, Rivervale: Herron Todd White

First home buyers and investors are breathing life into the Perth residential property market, in particular the sub $450,000 price bracket, according to Herron Todd White.

Herron Todd White's October Month in Review said modern units and villas in established areas appear to be attracting the highest level of interest, but at a price attractive when in comparison to sale history.

"Overall, sales transactions are down some 18% on the same time last year while stock on market is some 40% higher, with control having well and truly shifted to buyers, as opposed to sellers," HTW noted.

"We wouldn’t say that any sector is running hot at this point in time, however we note that new or near new properties which are well presented and accurately priced are transacting in shorter time periods than traditional renovator properties. The heat has also well and truly dissipated from the development market, which appears to have peaked early this year, with some suburbs indicating a 10% price adjustment from peak levels, including in Balga, Rivervale and East Cannington.

"The market is largely being driven by first home buyers and investors - hence affordability is the key. While modest compared to 2014 levels, sales of modern 3-bedroom, 2-bathroom dwellings on lot sizes ranging from 300 to 450 square metres in establishing suburbs are dominating the market. Examples include Piara Waters ($450,000 to $525,000), Lakelands ($320,000 to $370,000) and Aveley ($400,000 to $450,000)."

 

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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Property News Residential Market

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