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What is the going price for Balga?

Discussion in 'The Buying & Selling Process' started by gecko235, 6th Sep, 2016.

  1. gecko235

    gecko235 Member

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    Im looking at selling a property in Balga 700sq 2x1. Ive used a few different sources which give me a price of $450k.

    Ive had a real estate agent tell me its worth $380k. Im waiting to speak to a couple other agents to get a better picture.
     
  2. RetireRich101

    RetireRich101 Well-Known Member

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    How much you paid for it and how long you had it, if you don't me asking?
    Is it difficult to rent out in Balga? how much rent would you get if you rented out?

    I think there are few interests here in pchat for Perth property, but wanted to see it's that bad as they make it to be...
     
  3. Balman

    Balman Well-Known Member

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    Is the property rentable?
    The agents make only be looking at the land value as its probably on a sub dividable/ developable site.
     
  4. gecko235

    gecko235 Member

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    Was renting out for $360pw but had to drop it down to $300 to keep the tenant.

    I think 4 years now $370k.

    Another agent called me today and said $420k and that it might be better trying to sell late January. 2 years ago could have sold high 450+.

    My sister has 2 properties for sale and haven't had any offers and theyve been listed for 4-6 months.
     
  5. gecko235

    gecko235 Member

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    Yes its sub dividable/developable.
     
  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    The market (buyers) dictate the price so if you want to find out then open it up to offers and see what interest is generated.

    Agents do use a trick to get listings where they over inflate the price to get a listing and free advertising for their business and then tell you 4 weeks later to drop the price. Important to be aware of this tactic called "price conditioning".

    Also look for recent comparable properties and what they sold for to get a feel for the correct price. Better to price it realistically from the outset if you want to sell it in a reasonable time frame.
     
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  7. RetireRich101

    RetireRich101 Well-Known Member

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    That is quiet depressing to see rental's drop 20%.... and yields are now similar to Sydney..

    According to SQM, Balga's vacancy rate is only 4.3%, cant imagine how other suburbs feel such as Jindalee and Butler where vacancy is over 9%...
     
  8. RetireRich101

    RetireRich101 Well-Known Member

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    I remember looking at 700m2 in Balga/Beecheroo in 2014. they were about mid 400k. If retain existing and build behind, expect bit more...
     
  9. MTR

    MTR Well-Known Member Premium Member

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    Balga was one the hardest to get hit in late 2014, when market started to peak, because this is a very affordable area for developers and the market is swamped with units/villas. This is a repeat of what happened in the boom of 2001-2007, developers got stuck with stock and then offloaded in 2013.

    Have a read of Rookys post, he developed in this area at peak.
     
    Last edited: 6th Sep, 2016
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  10. RetireRich101

    RetireRich101 Well-Known Member

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    I sent you in PM, a print of sold properties Jan-Jun 20126 for 600m2-900m2.

    appears only 7 properties under 400k, and about 30 properties over 400k.
     
  11. thatbum

    thatbum Well-Known Member

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    Assuming your property is otherwise a fairly standard 700sqm block, I think you'll be lucky to get $380k imo.

    Dunno what sources you have saying $450k - it just takes a quick realstate.com.au search to see multiple comparable properties asking way less than that.

    ...is this comparable to yours?

    15 Kingsfold Balga WA 6061 - House for Sale #123496186 - realestate.com.au
     
  12. RetireRich101

    RetireRich101 Well-Known Member

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    Does Perth listing still use
    "From $xxx"
    "Over $xxxx"

    I thought the only negotiation is down?