Property Boom in Perth
Oct 3rd 2004, 10:13 am
#1
Just Joined
Thread Starter
Joined: Sep 2004
Posts: 10
Property Boom in Perth
Hi All,
I just want to share this information with you all about Perth Property.
http://www.news.com.au/common/story_...55E948,00.html
Perth median house price hits $250,000
By HERMIONE STOTT
October 3, 2004
PERTH'S median house price has hit $250,000 – a healthy 16 per cent increase in the past 12 months.
The continued growth, up from $215,000 last year, comes on the back of a two-year property boom which has only recently flattened out.
The market plateaued from April to June into what industry experts described as a "softening market" with normal levels of activity.
The state's top sale was $6.5 million for a mansion in Victoria Ave, Dalkeith.
Despite the slowdown, the median price for the April to June quarter reached $256,000.
A detailed report on 284 Perth suburbs and 20 South-West towns is in today's 48-page property guide in The Sunday Times.
Figures compiled by the Department of Land Information's valuation division reveal changes in house, unit and land prices for the 2003-04 financial year.
The South-West town of Augusta led the market with the highest increase of 57.8 per cent in 12 months.
The small town of Nannup, 60km southeast of Busselton, also made the Top 10 with a 45 per cent increase in 12 months.
A land boom in the South-West and metropolitan Perth, as well as the search for the ultimate lifestyle block, fuelled much of last year's property market, with big increases and huge buyer interest resulting in many developers pre-releasing land far ahead of schedule.
Karawara, a small former HomesWest-dominated suburb between Como and Bentley, was the city's top performer with 55.6 per cent growth. It was among the many urban renewal areas and lower-priced suburbs that showed some of the highest growth.
The southern suburbs of Medina and Calista both ranked in the Top 10, with increases of just over 40 per cent each.
Medina's median house price jumped from $80,000 to $114,000 and Calista's from $92,000 to $130,000 in 12 months but both were well below the median house price of $250,000.
A combination of the July 1, 2004 stamp-duty abolition for first-home buyers for homes of $220,000 or less and an active investor market saw many undervalued "forgotten" areas surge in price.
Industry experts have hinted that this could be a strong indication to their future growth.
Well-located property on the riverside and by the ocean fetched high prices but did not show top growth patterns.
Only one waterside suburb made the overall Top 10 – Trigg – with a huge 46.8 per cent increase.
Valuer General's Office senior analyst Ross Lambert said that despite this, locations by the ocean and river in close proximity to the city would continue to give solid and reliable returns.
Mandurah suburbs consistently showed top long-term growth – a sure sign that the once "weekend only" centre was showing a progressive shift to being a sought-after residential locality for business and industry.
Mr Lambert said the long-term indicators for the WA property market would continue to show constant and steady increases in value, despite occasional short-term falls.
Almost 80 per cent of analysed suburbs showed better than 10 per cent returns each year over five years.
"This is better than any bank," Mr Lambert said.
"WA's market is very different to the eastern states where prices boomed, the market overheated and the region now has falling house prices."
The Sunday Times
I just want to share this information with you all about Perth Property.
http://www.news.com.au/common/story_...55E948,00.html
Perth median house price hits $250,000
By HERMIONE STOTT
October 3, 2004
PERTH'S median house price has hit $250,000 – a healthy 16 per cent increase in the past 12 months.
The continued growth, up from $215,000 last year, comes on the back of a two-year property boom which has only recently flattened out.
The market plateaued from April to June into what industry experts described as a "softening market" with normal levels of activity.
The state's top sale was $6.5 million for a mansion in Victoria Ave, Dalkeith.
Despite the slowdown, the median price for the April to June quarter reached $256,000.
A detailed report on 284 Perth suburbs and 20 South-West towns is in today's 48-page property guide in The Sunday Times.
Figures compiled by the Department of Land Information's valuation division reveal changes in house, unit and land prices for the 2003-04 financial year.
The South-West town of Augusta led the market with the highest increase of 57.8 per cent in 12 months.
The small town of Nannup, 60km southeast of Busselton, also made the Top 10 with a 45 per cent increase in 12 months.
A land boom in the South-West and metropolitan Perth, as well as the search for the ultimate lifestyle block, fuelled much of last year's property market, with big increases and huge buyer interest resulting in many developers pre-releasing land far ahead of schedule.
Karawara, a small former HomesWest-dominated suburb between Como and Bentley, was the city's top performer with 55.6 per cent growth. It was among the many urban renewal areas and lower-priced suburbs that showed some of the highest growth.
The southern suburbs of Medina and Calista both ranked in the Top 10, with increases of just over 40 per cent each.
Medina's median house price jumped from $80,000 to $114,000 and Calista's from $92,000 to $130,000 in 12 months but both were well below the median house price of $250,000.
A combination of the July 1, 2004 stamp-duty abolition for first-home buyers for homes of $220,000 or less and an active investor market saw many undervalued "forgotten" areas surge in price.
Industry experts have hinted that this could be a strong indication to their future growth.
Well-located property on the riverside and by the ocean fetched high prices but did not show top growth patterns.
Only one waterside suburb made the overall Top 10 – Trigg – with a huge 46.8 per cent increase.
Valuer General's Office senior analyst Ross Lambert said that despite this, locations by the ocean and river in close proximity to the city would continue to give solid and reliable returns.
Mandurah suburbs consistently showed top long-term growth – a sure sign that the once "weekend only" centre was showing a progressive shift to being a sought-after residential locality for business and industry.
Mr Lambert said the long-term indicators for the WA property market would continue to show constant and steady increases in value, despite occasional short-term falls.
Almost 80 per cent of analysed suburbs showed better than 10 per cent returns each year over five years.
"This is better than any bank," Mr Lambert said.
"WA's market is very different to the eastern states where prices boomed, the market overheated and the region now has falling house prices."
The Sunday Times
Oct 3rd 2004, 1:00 pm
#2
BE Enthusiast
Joined: Jun 2003
Location: Perth, Since Jan 05
Posts: 708
Re: Property Boom in Perth
Originally Posted by wilts
Hi All,
I just want to share this information with you all about Perth Property.
http://www.news.com.au/common/story_...55E948,00.html
Perth median house price hits $250,000
By HERMIONE STOTT
October 3, 2004
PERTH'S median house price has hit $250,000 – a healthy 16 per cent increase in the past 12 months.
The continued growth, up from $215,000 last year, comes on the back of a two-year property boom which has only recently flattened out.
The market plateaued from April to June into what industry experts described as a "softening market" with normal levels of activity.
The state's top sale was $6.5 million for a mansion in Victoria Ave, Dalkeith.
Despite the slowdown, the median price for the April to June quarter reached $256,000.
A detailed report on 284 Perth suburbs and 20 South-West towns is in today's 48-page property guide in The Sunday Times.
Figures compiled by the Department of Land Information's valuation division reveal changes in house, unit and land prices for the 2003-04 financial year.
The South-West town of Augusta led the market with the highest increase of 57.8 per cent in 12 months.
The small town of Nannup, 60km southeast of Busselton, also made the Top 10 with a 45 per cent increase in 12 months.
A land boom in the South-West and metropolitan Perth, as well as the search for the ultimate lifestyle block, fuelled much of last year's property market, with big increases and huge buyer interest resulting in many developers pre-releasing land far ahead of schedule.
Karawara, a small former HomesWest-dominated suburb between Como and Bentley, was the city's top performer with 55.6 per cent growth. It was among the many urban renewal areas and lower-priced suburbs that showed some of the highest growth.
The southern suburbs of Medina and Calista both ranked in the Top 10, with increases of just over 40 per cent each.
Medina's median house price jumped from $80,000 to $114,000 and Calista's from $92,000 to $130,000 in 12 months but both were well below the median house price of $250,000.
A combination of the July 1, 2004 stamp-duty abolition for first-home buyers for homes of $220,000 or less and an active investor market saw many undervalued "forgotten" areas surge in price.
Industry experts have hinted that this could be a strong indication to their future growth.
Well-located property on the riverside and by the ocean fetched high prices but did not show top growth patterns.
Only one waterside suburb made the overall Top 10 – Trigg – with a huge 46.8 per cent increase.
Valuer General's Office senior analyst Ross Lambert said that despite this, locations by the ocean and river in close proximity to the city would continue to give solid and reliable returns.
Mandurah suburbs consistently showed top long-term growth – a sure sign that the once "weekend only" centre was showing a progressive shift to being a sought-after residential locality for business and industry.
Mr Lambert said the long-term indicators for the WA property market would continue to show constant and steady increases in value, despite occasional short-term falls.
Almost 80 per cent of analysed suburbs showed better than 10 per cent returns each year over five years.
"This is better than any bank," Mr Lambert said.
"WA's market is very different to the eastern states where prices boomed, the market overheated and the region now has falling house prices."
The Sunday Times
I just want to share this information with you all about Perth Property.
http://www.news.com.au/common/story_...55E948,00.html
Perth median house price hits $250,000
By HERMIONE STOTT
October 3, 2004
PERTH'S median house price has hit $250,000 – a healthy 16 per cent increase in the past 12 months.
The continued growth, up from $215,000 last year, comes on the back of a two-year property boom which has only recently flattened out.
The market plateaued from April to June into what industry experts described as a "softening market" with normal levels of activity.
The state's top sale was $6.5 million for a mansion in Victoria Ave, Dalkeith.
Despite the slowdown, the median price for the April to June quarter reached $256,000.
A detailed report on 284 Perth suburbs and 20 South-West towns is in today's 48-page property guide in The Sunday Times.
Figures compiled by the Department of Land Information's valuation division reveal changes in house, unit and land prices for the 2003-04 financial year.
The South-West town of Augusta led the market with the highest increase of 57.8 per cent in 12 months.
The small town of Nannup, 60km southeast of Busselton, also made the Top 10 with a 45 per cent increase in 12 months.
A land boom in the South-West and metropolitan Perth, as well as the search for the ultimate lifestyle block, fuelled much of last year's property market, with big increases and huge buyer interest resulting in many developers pre-releasing land far ahead of schedule.
Karawara, a small former HomesWest-dominated suburb between Como and Bentley, was the city's top performer with 55.6 per cent growth. It was among the many urban renewal areas and lower-priced suburbs that showed some of the highest growth.
The southern suburbs of Medina and Calista both ranked in the Top 10, with increases of just over 40 per cent each.
Medina's median house price jumped from $80,000 to $114,000 and Calista's from $92,000 to $130,000 in 12 months but both were well below the median house price of $250,000.
A combination of the July 1, 2004 stamp-duty abolition for first-home buyers for homes of $220,000 or less and an active investor market saw many undervalued "forgotten" areas surge in price.
Industry experts have hinted that this could be a strong indication to their future growth.
Well-located property on the riverside and by the ocean fetched high prices but did not show top growth patterns.
Only one waterside suburb made the overall Top 10 – Trigg – with a huge 46.8 per cent increase.
Valuer General's Office senior analyst Ross Lambert said that despite this, locations by the ocean and river in close proximity to the city would continue to give solid and reliable returns.
Mandurah suburbs consistently showed top long-term growth – a sure sign that the once "weekend only" centre was showing a progressive shift to being a sought-after residential locality for business and industry.
Mr Lambert said the long-term indicators for the WA property market would continue to show constant and steady increases in value, despite occasional short-term falls.
Almost 80 per cent of analysed suburbs showed better than 10 per cent returns each year over five years.
"This is better than any bank," Mr Lambert said.
"WA's market is very different to the eastern states where prices boomed, the market overheated and the region now has falling house prices."
The Sunday Times
That is good news for us as we purchased in April in WA and after hearing reports that property was on the downturn, assumed it to be national. I have kept an eye on prices in our suberb by way of realestate.com.au and i think that our house has probably risen by about $15-20,000 in the last 6 months representing about a 5-6% rise. I am more than happy with that because a) it hasnt gone down b) it has risen more than if that money was in a bank and c) most importantly, it has given so much more confidence and stability about our move out to OZ with the knowledge that we have a nice house to move into.
Dave
Oct 3rd 2004, 8:59 pm
#3
Joined: Dec 2003
Location: Hillarys, Perth
Posts: 3,973
Re: Property Boom in Perth
Originally Posted by darkless
That is good news for us as we purchased in April in WA and after hearing reports that property was on the downturn, assumed it to be national. I have kept an eye on prices in our suberb by way of realestate.com.au and i think that our house has probably risen by about $15-20,000 in the last 6 months representing about a 5-6% rise. I am more than happy with that because a) it hasnt gone down b) it has risen more than if that money was in a bank and c) most importantly, it has given so much more confidence and stability about our move out to OZ with the knowledge that we have a nice house to move into.
Dave
Dave
You will find that prices wont go down..... they will stagnate every once in a while, but rarely go down..... well unless you paid way too much for a property
Oct 4th 2004, 3:50 am
#4
Dutch expat/Aus citizen
Joined: Apr 2003
Location: South East, Perth (was Holland)
Posts: 5,789
Re: Property Boom in Perth
Originally Posted by Siren
You will find that prices wont go down..... they will stagnate every once in a while, but rarely go down..... well unless you paid way too much for a property
And Perth will keep growing north and south for years to come, and maybe a little east, but not much.
Well, that's what I think.
Oct 4th 2004, 10:35 am
#5
Guest
Posts: n/a
Re: Property Boom in Perth
This is "rumoured" to be the most expensive house in Australia. It's in the suburb of Mosman Park and overlooks the Swan River.
The property consists of the main one in the foreground and the two properties to the above right-hand side (they have the same color roof) which are a guest house and a gate house.
It's estimate value is $55 million ! :scared:
The property consists of the main one in the foreground and the two properties to the above right-hand side (they have the same color roof) which are a guest house and a gate house.
It's estimate value is $55 million ! :scared:
Oct 4th 2004, 10:39 am
#6
Guest
Posts: n/a
Re: Property Boom in Perth
Originally Posted by owieb
This is "rumoured" to be the most expensive house in Australia. It's in the suburb of Mosman Park and overlooks the Swan River.
The property consists of the main one in the foreground and the two properties to the above right-hand side (they have the same color roof) which are a guest house and a gate house.
It's estimate value is $55 million ! :scared:
The property consists of the main one in the foreground and the two properties to the above right-hand side (they have the same color roof) which are a guest house and a gate house.
It's estimate value is $55 million ! :scared:
You did the same river cruise as me then?
Jill
Oct 4th 2004, 12:25 pm
#7
Guest
Posts: n/a
Re: Property Boom in Perth
Originally Posted by Go Banana's !!
You did the same river cruise as me then?
Jill
Jill
We decided to do the tourist thing today and do a river trip. Never done one since we have been here so thought it was about time!
Oct 4th 2004, 12:36 pm
#8
Joined: Dec 2003
Location: Hillarys, Perth
Posts: 3,973
Re: Property Boom in Perth
Originally Posted by owieb
This is "rumoured" to be the most expensive house in Australia. It's in the suburb of Mosman Park and overlooks the Swan River.
The property consists of the main one in the foreground and the two properties to the above right-hand side (they have the same color roof) which are a guest house and a gate house.
It's estimate value is $55 million ! :scared:
The property consists of the main one in the foreground and the two properties to the above right-hand side (they have the same color roof) which are a guest house and a gate house.
It's estimate value is $55 million ! :scared:
Oct 4th 2004, 12:55 pm
#9
Guest
Posts: n/a
Re: Property Boom in Perth
Originally Posted by Siren
Cough little pad... aint bad huh he keeps on adding houses for his kids
Oct 4th 2004, 12:59 pm
#10
Down Under and Lovin It
Joined: May 2004
Location: Ellenbrook, Perth, WA
Posts: 692
Re: Property Boom in Perth
Originally Posted by owieb
Actually it belongs to a woman!
One of the now famous "Pole Dancer's" I heard
Paul J
