South Perth Suburbs July Market Update

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Suburb Profile - Manning

Manning is an established suburb within the municipality of the City of South Perth. Development of the area began in the 1920s, but it wasn't until the 1950s and 1960s that any notable growth occurred. Manning's next growth spurt occurred between 1991 and 2006, but has remained relatively stable since.


Positioned seven kilometres from Perth City and within close proximity of Curtin University, Manning is in the enviable position of being close to major urban areas, while still removed enough to enjoy the benefits of a suburban lifestyle. Parks and reserves feature throughout for residents to explore and there are a handful of local shops as well as two local schools. 

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

The median price for Manning is $770,000 and a median age of 36. Manning has been one of Perth's fastest selling suburbs in the 3 months to June.
14 sales with a median 12 days on the market.

Current Activity - South Perth
South Perth continues to enjoy healthy buyer activity, buyers are turning out in big numbers. Home opens have seen increases in all market segments as consumer confidence around the Perth market continues to be strong. 

As of April 2020, the median house price for South Perth is $1,150,000 and the median unit price remained steady at $550,000. Over 12 month rolling period houses have increased by 4.45% and units by -2.65%,

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                                5                             11                                4
$1M - $2M                           12                            13                                3
$2M -   +                               3                              5                                 3

Maintaining the pattern from previous months, houses under the $1 million price are in short supply with 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, the majority are in the high $1 million bracket. 

Maintaining the downward trend Approx 2.0% of houses are currently on the market with a median gross rental yield of 2.7% and vacancy rate of 1.1%. Days on market has remained high as old stock gets absorbed.

There has been 78 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.
 

Current Activity - Como
Como like South Perth, has seen increased buyer activity, particularly below $800,000. At the end of April 2020, the median house price for Como is $842,500 and the median unit price has dropped slightly at $450,000. For the 12 month rolling period the median house price has decreased by -6.18% and units have increased by 0.11%.

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                               22                              35                               6
$1M - $2M                           15                               7                                0
$2M -   +                               2                                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 2.5% of houses are currently on the market with a median gross rental yield rising to 3.0% and vacancy rate dropping to 1.1%.

There has been 72 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.

Current Activity - Kensington
As of April 2020, the median house price for Kensington has remained steady at $926,000 and the median unit price $398,250. For the 12 month rolling period houses have grown by 3.35%. 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                               5                                 15                              0
$1M - $2M                           2                                  4                               1


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 0.6% 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 4 unit sales in Kensington this year with prices ranging from $355,000 to $455,000.

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 and recent sales.

In all of these markets a good fully qualified Buyer's Agent can help navigate through current market and keep you up to date with the latest market activity. 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 
There are off market and pre-market opportunities, currently in South Perth, Kensington and Como. If you are interested in any of these properties get in touch and let us help you appraise and negotiate a fair market price.

If you would like to chat to us about your property strategy 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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