Resources boom helping rental market, but not property sales, in WA: SQM Research
Western Australia's property market is not necessarily benefiting fully from the resources boom, according to SQM Research director Louis Christopher, as temporary migrants to the state tend to rent rather than buy.
Noting that three properties on SQM Research's top 10 most discounted properties list are in WA, Christopher says increased migration and increased jobs do not translate necessarily into property sales. They are a house, a flat and a residential development site.
"Because employment opportunities are in may cases short term, those recruited into such positions would rather rent that buy homes in these localities as they do not intend to reside there for the long term," he says.
"This could potentially explain why there have been ongoing substantially discounted homes hanging around on the market in Perth and other regions within WA, as making a permanent investment in property is not necessarily as popular as the demand for temporary accommodation."
1
34 Seraya Court, Closeburn, Queensland 4520
Days on the market: 434
Initial asking price: $145 million
Current asking price: $798,000
Reduction: 45%
2
5756 Arthur Highway, Taranna, Tasmania, 7180
Days on the market: 741
Initial asking price: $499,000
Current asking price: $299,000
Reduction: 40%
3
19 Lychee Drive, Caboolture, Queensland, 4510
Days on the market: 881
Initial asking price: $949,000
Current asking price: $586,000
Reduction: 38%
4
202 Wolstenholme Avenue, Greendale, NSW, 2745
Days on the market: 643
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
5
4/5 Thornely Close, Bellara, Queensland, 4507
Days on the market: 336
Initial asking price: $599,000
Current asking price: $380,000
Reduction: 37%
6
Days on the market: 1,029
Initial asking price: $1.1 million
Current asking price: $690,000
Reduction: 36%
7
588 White Beach Road, White Beach, Tasmania, 7184
Days on the market: 881
Initial asking price: $780,000
Current asking price: $499,000
Reduction: 36%
8
1302 Birkdale Place, Magenta, NSW, 2261
Days on the market: 1,586
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
9
99 Lowanna Way, Armadale, WA, 6112
Days on the market: 1,298
Initial asking price: $1.85 million
Current asking price: $1.2 million
Reduction: 35%
10
15/2 Brighton Road, Scarborough, WA, 6019
Days on market: 1,199
Initial asking price: $1.2 million
Current asking price: $790,000
Reduction: 34%
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.