Jul 31, 2020 | , , , , , , , ,

Christmas in July

It seemed like most of Perth decided July was the time to take a break and recharge the batteries after a most tumultuous first half in 2020. How fortunate are we here in WA to be coping so well with the Covid-19 outbreak? What is intriguing to me is not just how quickly the residential market has bounced back in Perth, but how our regions have been set alight with activity.


Many of you may know that I am a part Owner of Ray White Exmouth, run by my business partner Mark Lucas and our amazing team. Our family was fortunate enough to spend 9 days in Exmouth during the school holidays and it was fantastic to see the buzz in the town as the biggest tourist numbers ever seen descended on the region. Not only have the resorts, caravan parks and holiday homes been fully booked since late June with no end in sight, the Ray White office has written up contracts of sale on over 25 properties since 1 June. To put that in perspective that is half of all the property sold in Exmouth through 2019… and in 2 months!


It really does seem that Covid-19 is leaving a lasting mark on our community and rather than retreat into our shells we are reshaping what is important to us and taking action. From what I can ascertain it’s certainly not just Exmouth that’s booming, but just about every tourist region both North and South. What will this wave of new travel and investment bring to our regions over the next 3 to 5 years?


In Perth many markets are red hot right now and whilst land sales might be all about stimulus most of the property we are selling attracts no stimulus at all. Vic Quarter continues to sell at an enviable rate almost exclusively to Owner Occupiers and we are just about out of one bedroom product. Interestingly, interest is picking up on the final two penthouses and it would not surprise me if these were sold over the coming weeks. They represent outstanding value when compared to any other near city penthouse.

Lucent Claremont is on track for completion at the end of 2020 and we have sold out of 3 bedroom apartments. We have also seen a significant increase in demand for the final 1 bedroom and 2 bedroom apartments helped along by the 75% reduction in stamp duty (up to $25K) available now until completion of construction. This provides a very unique opportunity for young professional first home buyers to acquire a property between $500,000 – $650,000 and qualify for the $10,000 grant and very minimal stamp duty.


Park Terraces in Shenton Park has seen very significant demand and we are working with Buyers on 8 out of the 12 terraces. We expect to finalise the selection of the Builder imminently and commence construction in September.

We have just one townhouse left in our Wicca Street project in Rivervale and have reduced the price in line with government stimulus being offered on other comparable property not yet built. This property is now offered for sale well below replacement cost and represents a great opportunity for the right Buyer.

In the rental market we have seen a steady decline in the number of properties available to rent and this shows no signs of abating with less than 4,000 properties available in Perth. To put this in context it wasn’t that long ago we had over 14,000 available rentals.


With interest rates at record lows and unlikely to increase anytime soon and rents starting to see price pressure, it is not hard to see why many are making the decision to buy a home. For those feeling secure in their job, we see it as an amazing opportunity. Of course Downsizers are also taking action to ensure they place themselves in appropriate accommodation better suited to their current lifestyle. Our advice to all potential Buyers right now is to buy the right home for you. With consideration to location, size, price and financial arrangements. If you can tick all of those boxes and receive some stimulus along the way then what a bonus that is.


In the meantime we do hope you and your family get an opportunity to experience a holiday within WA, our truly remarkable state.


As always if you have any queries please do not hesitate to contact me directly on 0411 144 230 anytime.


All the very best,