Good conditions for Perth property bargain hunters: HTW

There remains a significant portion of Western Australians that have stable employment and are in position for some bargain hunting, according to HTW’s February 2017 update.

The valuation firm says reduced values through 2015 and 2016 have led to many instances of negative equity, which is likely to be exacerbated as interest rates climb in the second half of the year.

For owners in areas affected by the post-resource boom increase in unemployment rate, 2017 is likely to see a significant increase in mortgagee in possession activity.

But other areas look set to benefit from present conditions.

“We are likely to see some micro bursts of activity in certain areas as these buyers scramble for quality products,” HTW says.

“Areas on the watch list include Willetton, Bull Creek and Rossmoyne in the south and Carine, Duncraig and Karrinyup in the north.

“We also expect an increase in speculative developer and investor activity, reflecting the lack of a premium currently being paid for these sites.

“We expect an increase in activity in Cloverdale, Cannington, St James, and Queens Park in the south-east and Morley and Balga in the north.

“Sellers of established properties in areas such as Clarkson in the north, Baldivis in the south and Seville Grove in the south-east are likely to struggle to attract first home buyers.”

A two bedroom house at 30A Windsor Street, Perth (above) was sold for $552,000.

Similarly a two bedroom unit at 46/34 East Parade, Perth (below) was sold for $559,000.

A four bedroom house at 37 Bristol Avenue, Bicton (above) has been listed for $1,149,000.

Similarly a two bedroom unit at 10/30 Kwong Alley, North Fremantle (below) has been listed for $775,000.