Esperance prestige market active again: HTW
After a reasonably subdued start to 2016, market activity improved in the Esperance region towards the middle of the year and then tapered off for a very quiet close, according to HTW’s February 2017 update.
The valuation firm says sales over a variety of value ranges were noted, particularly above $1 million which saw sales for the first time in a couple of years.
Values over all price ranges and property types in the broader Esperance townsite have remained reasonably consistent, however, selling periods have lengthened compared to previous years.
Vacant land sales remained stable with supply slowly diminishing.
Values have remained consistent with the preceding year and shown some minor improvement in the localities now seeing a shortage in supply.
HTW predicts much of the same for 2017.
“A number of properties over all price ranges and property types are available for sale however demand is also relatively stable within all markets and sales are occurring, albeit at a slower pace with a reasonable consistency in values,” the report says.
“As with all areas, accurately priced property is attracting sound demand and typical selling periods are still less than six months.”
However, HTW says the market prediction for the smaller centres in the broader Esperance region are more difficult to gauge.
Hopetoun, 200 kilometres west of Esperance, has seen a substantial decline in values over the past five years with a combination of excessive oversupply of land, very low sales volumes and uncertainty of employment in the region all contributing factors.
“The land is slowly beginning to be absorbed and improved residential values at present appear to have stabilised within a typical range of between $220,000 and $320,000,” the firm says.
“Sales volumes are still very low and there is a large amount of property available on the market.
“It is likely if sales volumes do not improve there may still be some downward correction to come as vendors who have had property listed for an extended period become more anxious to quit this market.”
A three bedroom house at 43 Crossland Street, Esperance (above) has been listed for $399,000.
Similarly a 40 Hamersley Street, Esperance (below) has been listed for $385,000.
