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Buyer’s agents report increasing competition in Perth property market

By Momentum Wealth

Promoted by Momentum Wealth

In 2017, all investor eyes were turned towards the property markets of Sydney and Melbourne and, in the latter half especially, towards the booming city of Hobart. But some exciting things have been unfolding throughout 2017 in the Australia’s most Western city that only the really in-the-know investors have recognised. 

“We noticed it in early 2017.Investment grade properties were moving more quickly and new stock wasn’t coming onto the market as fast,” comments Emma Everett, Quality Assurance Manager – Residential at Momentum Wealth.

“Our team of buyer’s agents have reported an under current of increasing buyer competition in the market all throughout 2017, making the search for good property increasingly harder.”

It sounds paradoxical for a down market, but the reality is that in any market good investment stock is rare, and as the latter half of 2017 saw a gradual change in sentiment towards the wider WA economy, buyer confidence rose in turn. Momentum Wealth buyer’s agents consistently reported increased competition and multiple, competitive offers on good properties.

“Compared to the start of the year, by the end of 2017 the time frame for our buyer’s agents to find and negotiate an offer on an investment-grade property has increased 40%. It is simply taking much longer to go through the process, with many investors placing offers on multiple properties before they complete their purchase. Our buyer’s agents tell us that they are now increasingly having to compete with other buyers and are sometimes finding they have to back away when the offers go above what they were willing to pay.This goes to show that there are parts of the WA market that are already on the move.”

Speaking to Shaun Strickland of the Research Division at Momentum Wealth, he also confirmed that PerthPerth, TAS Perth, WA was a very different market from what is being portrayed in the mainstream media.

“Yes, Perth’s median price was down overall, but there are areas in Perth, notably highly sought after areas such as the Western suburbs near Cottesloe and Floreat, where stock is low, competition is fierce and prices have consequently risen. What is dragging Perth down are under performing areas on the urban fringe that suffered most from the oversupply of stock coming onto the market in 2014 and 2015.” Mr Strickland explained.

“We are also seeing stock levels consistently dropping, and that means that less stock is coming onto the market, including of course good investment stock, which drives up competition”.

Is it time to invest in Perth then? Mrs Everett believes it is: “As long as people perform adequate research, assess risk and do their due diligence, almost any market can be a good market. But a market that’s bottomed is of course going to give you the best short to medium term capital growth opportunities. Perth has all the signs of a market at or near the bottom right now, and we’ve already seen some positive results come out for this quarter.Perth’s long term prospects are also very good, with an economy that is diversifying and population growth that is expected to outperform most of Australia. So yes, I believe there are great opportunities in this market for savvy investors.”

Momentum Wealth is a research-driven, full-service property investment consultancy dedicated to helping clients build multi-million dollar property portfolios.

We offer a premium, advice-driven service helping clients in the planning, financing, acquisition, development and management of their residential and commercial investment properties.This holistic service offering provides a one-stop shop for clients to accelerate their wealth and reach their property investment goals sooner.

If you are interested in finding out more about the Perth market, or wish to have an obligation free chat to one of our knowledgeable buyer’s agents, contact us today.

 

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podcast

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  string(46) "A property investment plan years in the making"
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

" ["fulltext"]=> string(2483) "

In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
object(stdClass)#1185 (52) {
  ["id"]=>
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  ["title"]=>
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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