This stunning 3 bedroom Cottesloe house enjoys Ocean and Golf Course Views and is open to offers over $1.5m. BUT does this truly reflect the current state of the WA Market?
Reading through Herron Todd White’s (HTW) “Month in Review” Report out today, in their opinion the aspirational Perth suburbs of Cottesloe, Dalkeith and North Beach have experienced impressive rises in property values (Cottesloe up 18.5%) over the last 12 months.
On average, the Perth market has stabilised, with some areas faring less fortunately than others:
- Changes to the First Home Buyers Grant did not deliver the anticipated, increased demand for apartments and off the plan villa transactions.
- First Home Buyers tempted by brand new, inner city apartments found they could not secure finance
- Nor could they raise the deposit required to buy into the established housing market
- Subsequently the established housing market sub $1m is still experiencing soft conditions
- And so the house/land package market dominated with incentives offered by both Land Developers and Builders combining to provide the ONLY solution for many First Home Buyers.
- Unfortunately, the rate of mortgagee activity in these areas rose dramatically during the year, and continues to rise now.
Perth is expected to end the year with and adjusted median house price of $515,000according to the Real Estate Institute of WA, slightly higher than HTW predicted back in February.
If you would like to read HTW’s Full Report, Alphabrokers will find it on their Mentorvision Portal under New and Trending.
Otherwise you can subscribe for FREE via www.htw.com.au