WA Perth Market 2022

Discussion in 'Where to Buy' started by MTR, 1st Jan, 2022.

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  1. MTR

    MTR Well-Known Member

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    Smart money has been buying in 2021 when market started rising … buying at $300k with 6% yields now at $450k and rising
     
  2. Sam123456

    Sam123456 Well-Known Member

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    Tbh I'm not really sure what proportion of new loans are investor loans. I know that last boom wasn't an investor led boom. Of course there's always investors but it was a temporary sharp increase in immigration that caused it.

    Really need some data on interstate migration to WA. If that is happening in high numbers, then the boom might have legs, otherwise I'd think it's just a matter of all the under construction homes getting finished and rental tightness easing.
     
  3. Nando Lee

    Nando Lee Well-Known Member

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    Interesting data. Perth and Darwin having more properties sold. Other capital cities declined. Screenshot_20220621-224034_Facebook.jpg
     
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  4. K168

    K168 Well-Known Member

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    Nice to know. If this keeps up for another 6-12 months sell then? What about interest rate increases would that start driving demand down so should start selling now
     
  5. MTR

    MTR Well-Known Member

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    But rents are increasing. If its not costing anything to hold is there any point selling
     
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  6. Shogun

    Shogun Well-Known Member

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    If you ignore the Putin factor.

    Why would you be planning to sell in Perth in 6/12 months unless you have a better use for your money?

    I RE on the weekend told me the buying market had dulled a little. Buyers were being a little more careful with their offers.
     
  7. MTR

    MTR Well-Known Member

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    Interesting
    I spoke to re agent in Rockingham they can not get enough stock to meet demand. Red hot

    Another suburb I am targeting same scenario, not enough stock, pushing prices up. Agents screaming for listings to meet demand
     
  8. sash

    sash Well-Known Member

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    As I said .... rates will blunt crazy prices but it will still go up in Perth.

    When you are getting $550-600 for houses I am building for less than $420k it is a no brainer.
     
  9. K168

    K168 Well-Known Member

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    I have a different driver, I must sell a Perth house owner occupier in the $1.5 range to buy a future Melbourne house in the $1.5 range. I am trying to optimise so I can sell the Perth house close to peak as possible and then wait to buy owner occupier in Melbourne after.
     
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  10. MTR

    MTR Well-Known Member

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    My builder advised my 3 villa develop would cost close to an addition $200,000 to build. Its got to be passed on to buyers
     
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  11. MTR

    MTR Well-Known Member

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    Can you share suburb??
     
  12. Shogun

    Shogun Well-Known Member

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    I was just a random home open I drove past. So just called in to meet a new RE.

    She had had several offers at 95% of asking. Seller is fixed on the price they wanted. They probably could have asked a little more then everyone would have been happy. Similar in the street have sold for less and better presented ones more.
     
    Last edited: 22nd Jun, 2022
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  13. Peter gavalas

    Peter gavalas Well-Known Member

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    interested ?
     
  14. K168

    K168 Well-Known Member

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    It's in Churchlands. Not in hurry or urgency to sell. Priority is timing both markets.
     
  15. Peter gavalas

    Peter gavalas Well-Known Member

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    wow, that's a massive cost! the end product would need to be above 600k to be able to pass that on?
    I think we need to start see a lot more of this, otherwise developments won't be viable
     
  16. sash

    sash Well-Known Member

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    It will be by next year when construction costs peal back 15% over 2024-2025 as construction starts drop 45% from the peak in 2021
     
  17. Scaphella

    Scaphella Well-Known Member

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  18. sash

    sash Well-Known Member

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  19. Scaphella

    Scaphella Well-Known Member

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    I have no doubt.
     
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  20. MTR

    MTR Well-Known Member

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    My 3 villas cost around $635,000 to build, quoted approx 18 months ago, no price increases to date.

    Builder recently quoted and accepted 3 villa build for $800,000 and another builder $850,000
    Also these are not as high specification as my project

    My villas will now sell in my location which is very good pocket for high 600s. Just sold a house over $1M on my street

    Currently villas Selling on main road now for offers $650,000, same spec. Inferior location
     
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