WA Perth Market 2021

Discussion in 'Where to Buy' started by Mark, 1st Jan, 2021.

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  1. MTR

    MTR Well-Known Member

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    I can actually see Perth markets now slowing down…. More supply coming to market

    I also think same going to happen to Syd and Melb if not already
     
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  2. Propin

    Propin Well-Known Member

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    My mum was saying the same for Brisbane this week that market has cooled. Bank’s knocking back finance on crazy offers, bringing the prices down. Her friend’s auctioning a property this week, looking forward to outcome.
     
  3. MTR

    MTR Well-Known Member

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    If you read between lines on PC same happening. Auction cancelled in Syd West not enough people and more stock coming to market

    However, Perth coming from a lower base would like to see this market continue to stay strong

    I watch Mt Lawley market as u know, only one house has come to market, still no/low stock.

    Who knows…. My predictions have been very poor over the last 18 months….. so maybe ignore my views:p
     
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  4. Propin

    Propin Well-Known Member

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    The properties in Brisbane - the one that fell through due to finance, and the one going to auction this week are on the same street. I’m curious if agent is just trying to bring vendors expectations down or if it’s true. Wait and see. I think good properties and good areas in Perth will continue to tick along. Average property/area without much potential is what May suffer I think.
     
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  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    I'm about to realize some profit on a retain and build I completed in 2018 after a challenging and at times stressful journey, one of many incidents was someone trying to burn the front property to the ground, didn't work haha. CBA wouldn't cough up the 8k in damages so a 10-minute online complaint to AFCA yielded me 5k compensation from ole mate CBA.
     
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  6. MTR

    MTR Well-Known Member

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    That would be stressful

    Good to hear you made a profit
     
  7. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    I will hold them both,for now, as growing in value and cash flow positive, the golden goose.

    It's the equity I want to harvest
     
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  8. Luca

    Luca Well-Known Member

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    My prediction for the next 2/3 years:

    Perth: top star
    Melbourne / Sydney: They stabilise to correct when the rates will go up
    Brisbane: good performer
    Adelaide: ticking along as usual
    Darwin: who?
    Canberra: no idea

    Look at the cycles. Unfortunately as humans when there are boom times we think they will go forever, the same when we have corrections. Lot of speculators around, not many investors and a lot of common people who doesn`t plan more than the next 6 months.
     
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  9. Jaacksn

    Jaacksn Well-Known Member

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    Do you have a source that helps you find out where oversupply may be occuring? Or do you just look at listings?
     
  10. Piston_Broke

    Piston_Broke Well-Known Member

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    Good place for a cheap house on the beach for us Sydneyers
     
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  11. Rooky

    Rooky Well-Known Member

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    In some areas it may feel like slowing down as investors who were in red so far, now selling as they are getting same or very close to what they paid for e.g. when they purchased in 2014. Because of that more stock coming into market.

    Mining industry has asked for approval for extra 30k people to be brought from overseas to WA as they cant find people in Australia. I was speaking to owner of a fairly big construnction company other day and asked him about impact of all new houses being built due to grant. His reply was that, although high number, its still not enough to meet historical average number of houses built in Perth, specially considering that in previous years very few were built. He said there will not be much impact on market due to new stock being built.

    Areas like Kingsley, Willagee, inglewood are growing and not enough stock. I think Perth will keep growing at least next 3 years or so. It will slow down only when commodity prices starts to go down drastically like what happened in 2015/2016.
     
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  12. MTR

    MTR Well-Known Member

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    I just talk to agents
    Look at listings, stock coming to market
    Momentum one of the largest BA in Perth also stated its still strong market but seeing more properties coming to market
     
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  13. MTR

    MTR Well-Known Member

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    Interesting
    Agree, Its dependent on area, where there is low stock we may see further growth??

    Morley has been very strong, however i clearly see this market is softening. By this I dont mean falling but we may see a sideward trend. Many more properties listed than 6 months ago
    Still a great area to buy into just my opinion. However, as close to galleria as possible is key

    Apartments still struggling, but this is Australia wide
     
    Last edited: 25th Jun, 2021
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  14. Luca

    Luca Well-Known Member

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    When I look at the outer suburbs, I see properties being sold less than 2012/2013 prices and sometimes even 2005/2006, often these are investors "off-loading".
    Now, this is 15 years with no growth. Am I wrong in seeing these as opportunities to buy and hold especially if the land component is high?

    Stock on market is definitely something to keep an eye on however we also need to take into consideration demand.

    Melbourne (suburbs I am monitoring) has seen a huge stock increase (house sells, next door sells, next door too and so on, never seen so many sold signs so close to each other) however demand is still there and prices are still increasing.
     
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  15. MTR

    MTR Well-Known Member

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    so dont see any signs of Melb market softening yet?
     
  16. Luca

    Luca Well-Known Member

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    Not the areas I am monitoring...let`s see what happens tomorrow and next month with the 25% Stamp duty discount gone
     
  17. MTR

    MTR Well-Known Member

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    be interesting
    Keep us all posted
     
  18. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    I'm predicting stock levels will return to the historic average by the end of the year, easing the price increases due to supply and demand factors.
     
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  19. JKB

    JKB Well-Known Member

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    Perth market is not growing as fast as eastern states, however remember it is still growing. In my opinion we had a lot of transactions in high end at the start of recovery and that market has recovered significantly. Now there are more transactions in lower end which is keeping median down but I have faith Perth will run for at least another year if not more. Even properties in Armadale are selling in days with multiple offers so just a reminder to some astute investors on this forum, never write any suburb off as you don’t like it or don’t have properties in that suburb!!
     
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  20. MTR

    MTR Well-Known Member

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    I went to home open this morning. Lots of people at viewing

    https://m.realestate.com.au/property-house-wa-mount+lawley-136604426

    I think the agent got it wrong, price is too low, its a bargain at this price point

    He should have started mid $1.6m and expressions of interest as very low stock and a similar house sold for $1.8m on same street just a few months ago, and it did not come to market

    In saying this, it could be bait listing price. However in this market I would not be doing this. Lets see what it sells for
     

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