South Perth Suburbs June Market Update

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Suburb Profile - Salter Point

Salter Point is an affluent riverside suburb within the City of South Perth. Bound by the Canning River in the east, south and west, Salter Point has a total land area of two square kilometres. Major development occurred during the 1950s and 1960s with gradual increases experienced since the mid 1990s. The median house price is $927,500 with a population of 2847 and median age of 45.

A quintessential suburban existence is on offer in Salter Point. With many lovely homes lining the streets and some parkland to explore, the lifestyle in Salter Point is idyllic.

Native features of the suburb include Sandon Park and Salter Park Lagoon.

 Aquinas College, an all-boys private school is located in Salter Point. Other schools nearby St Pius X Catholic College (Manning) 

Current Activity - South Perth
South Perth has enjoyed increased buyer activity over the past month, buyers are returning to the market with numbers back to pre COVID-19 levels. Home opens have seen increases in all market segments as consumer confidence around the Perth market has been increasing. One particular renovators delight has seen huge amount of interest with groups of 30+ each week. The neighbors will be happy when its sold!

As of March 2020, the median house price for South Perth is $1,160,000 and the median unit price $550,000. Over 12 month rolling period houses have increased by 2.65% and units by -0.45%, based on the latest sales information, we expect the price increases to be maintained during this current period.

These house prices have been made up of the following sales data to date in 2020.

Price                              No. For Sale              No. Sold                No. Under Offer

0 - $1 M                                4                              7                                 1
$1M - $2M                           12                            13                                1
$2M -   +                               8                              3                                 2

Maintaining the pattern from last month, houses under the $1 million price are in short supply with very limited new listings on the horizon. 

The price range within the $1M to $2M band is still the most amount of supply and sales within South Perth, and continuing the trend almost 60% are in the high $1 million bracket. Activity above the $2 million price is still very active with increasing buyers entering this price point. The quality of houses in this price point has been exceptional.

Maintaining the downward trend Approx 2.0% of houses are currently on the market with a median gross rental yield of 2.8% and vacancy rate of 3.6%. Days on market has had an increase, largely due to the effects of home opens COVID-19 restrictions.

There has been 56 unit sales in South Perth this year with prices ranging from $245,000 to $5.75 million on the South Perth foreshore. The majority of unit sales have been within the $400,000 - $600,000 band.

Some negative impact may still exist on the lower end of unit sales.

Current Activity - Como
Como like South Perth, has enjoyed increasing buyer activity with more people attending at the end of March 2020, the median house price for Como is $842,500 and the median unit price has remained steady at $460,000. For the 12 month rolling period the median house price has decreased by -6.49% and units have increased by 2.2%.

These house prices have been made up of the following sales data to date in 2020.

Price                              No. For Sale              No. Sold                No. Under Offer

0 - $1 M                               14                              26                               4
$1M - $2M                           10                               7                                6
$2M -   +                               3                                0                                0

The predominant market in Como has continued under $1 million with 63% of activity being represented in that range, but this segment of the market is also getting harder to source, depending on location. Most house sales are within $800,000 to $1.2 million.

The $1M to $2M band is still fairly balanced, with a reasonable number of properties. Sellers may get away with a good price if they find a poorly researched buyer.  

Approx 2.0% of houses are currently on the market with a median gross rental yield of 2.8% and vacancy rate of 1.7%.

There has been 61 unit sales in Como this year with prices ranging from $208,000 to $630,000.
The majority of unit sales have been within the $400,000 - $600,000 band.

Kensington
As of March 2020, the median house price for Kensington is $926,000 and the median unit price $398,250. For the 12 month rolling period houses have grown by 2.5%. There hasn't been enough unit sales to determine a price change.

These house prices have been made up of the following sales data to date in 2020.

Price                              No. For Sale              No. Sold                No. Under Offer

0 - $1 M                               1                                 12                               3
$1M - $2M                           3                                  4                                0


The most popular market in Kensington as in South Perth remains under $1 million, however stock in the segment of the market is significantly low with this price point selling quickly.

The $1M to $2M band is in low supply, most of the properties in this price range have been renovated or newer houses. Sellers are in no panic and buyers are making decent offers. This is a healthy market for investors. Demand is ahead of supply but not alarmingly. Buyers are rarely able to get away with low-ball offers. Sellers are usually getting the prices they ask for. Expect growth to exceed the national average. This is a very tightly held market with days on market reduced to 50 days.

Approx 0.7% of houses are currently on the market with a median gross rental yield of 3.0% and vacancy rate of 1.0%.

There has been 2 unit sales in Kensington this year with prices ranging from $355,000 to $365,000.

Kensington is in short supply for the most sought after properties, it also has a good flow on effect from surrounding South Perth. 

Where to from here?
Stock levels especially below the $1 million price is in high demand with limited stock available.A healthy number of properties are available within the $1 - $2 million prices, it's important to do you research on the prices and inspect all the properties on the market to get a good comparison. Over capitalizing and wrong product quality is evident in this price range, be sure to get an expert opinion before you buy. It can save you thousands in the long run.

In all of these markets a good fully qualified Buyer's Agent can help navigate through current market and uncertainty. We will get access to more property, including off market opportunities. We are all time poor these days, devoting enough time to research, inspect enough properties to make the right decision. Buyer's Agents are expert negotiators and can take care of the entire process. 

Off Market Opportunities 
As always there are off market opportunities, currently in South Perth, Kensington and Como. If you are interested in these properties get in touch and let us help you appraise and negotiate at the best possible price.

If you would like to chat to us about your property strategy in the year ahead please give us a call on 0401 774 715 or email us today to start a conversation. We’d love to help you on your property journey. 

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