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| Statistical Trends & State of the Market |
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STATISTICAL TRENDS
Statistics always lag behind the state of the market. This is because from the time an offer & acceptance is signed and agreed by buyer and seller and then becomes unconditional up until it actually settles can vary from 14 days to 6 months or more. On average it is 2 to 4 months in the Western Suburbs. It then takes time for the records to be available and more time before they are analysed. Normally up to 2½ months from the date you decide to work from.
For instance, if you to do the statistics for the March Quarter in any year there all settled sales from 1/01/07 to 31/03/07 many of which contracted to sell between 1/10/06 & 31/12/06 you probably won’t have the information till mid June 07. Therefore, as the property market is dynamic it may have changed again in the interim. We would then try to make an estimate on the current state of the market based on our up to the minute experiences in the market place.
Example: the market peaked in activity in June 2006 with 18,000 properties selling in W.A. By December 2006, there were 7,000 sales (a 61% drop in turnover). In the March 2007 quarter there were 8,000. The norm is between 10,000,000 & 12,000,000 properties. Approximately 140 suburbs have come down in median price. The Western Suburbs came back 4.75% in price in the March Quarter.
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STATE OF THE MARKET
After a very quiet period from July 06 to May 31st 2007 there has been a slight increase in turnover in June 07. A lot of rental properties were sold in the last 6 months for people to put their $1 million into super (to take advantage of changing super laws). This has caused a rental shortfall and rents have gone up. This is also due to increased population growth to fill job vacancies and increased salaries. There is still considerable overpricing of listings.
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| MARKET MATCH |
MEDIAN PRICEMARCH
QTR 07 |
% CHANGE OVER
12 MONTHS |
% CHANGE OVER
5 YEARS |
| City Beach |
$1,800,000 |
28.0% |
20.3% |
| Claremont |
$1,497,500 |
54.6% |
25.9% |
| Cottesloe |
$1,580,000 |
42.7% |
21.5% |
| Crawley (Ned statistics) |
$1,275,000 |
40.9% |
22.4% |
| Daglish |
$910,000 |
33.1% |
18.9% |
| Dalkeith |
$2,580,000 |
44.8% |
22.4% |
| Floreat |
$1,215,000 |
54.7% |
23.7% |
| Jolimont |
$1,160,000 |
48.3% |
26.8% |
| Mosman Park |
$1,237,500 |
30.6% |
23.3% |
| Mount Claremont |
$1,250,000 |
36.4% |
20.1% |
| Nedlands |
$1,275,000 |
40.9% |
22.4% |
| North Fremantle |
$922,500 |
23.4% |
18.8% |
| Peppermint Grove |
$3,410,000 |
39.0% |
18.0% |
| Shenton Park |
$980,000 |
42.9% |
20.0% |
| Subiaco |
$1,065,000 |
33.3% |
20.2% |
| Swanbourne |
$1,150,000 |
36.8% |
21.3% |
| Wembley |
$870,000 |
39.0% |
19.6% |
| West Perth |
$725,000 |
41.7% |
18.4% |
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