Hot Topics – March 2017
As we approach the end of March it is pleasing to report that Giorgi Group’s Dorrien Apartments in West Perth are now sold out. A modest price reduction saw a substantial increase by astute Buyers with the final 11 apartments sold over just 6 weeks.
Celsius has been fortunate to work with Guido Giorgi and his team on this project from before they had even secured the land. Over the past 4 years the commitment, passion, focus, attention to detail, continual questioning and drive by the Giorgi team ensured that a quality product was delivered and has been well received by those fortunate enough to call Dorrien home. We thank all the staff at Giorgi and their Investors for trusting Celsius with the sales and marketing campaign along with the ongoing strata management.
Our project in Ardross, Almond Lane, was completed during March and our eager first few Buyers settled early and took possession last week. This boutique development of just 8 residences opposite Garden City has also been very well received. 2 of the final 3 apartments have now been sold with just 1 two bedroom two bathroom apartment remaining. Interestingly 6 of the 7 sold residences have been sold to Owner Occupiers. Of the 6 occupiers 3 are down sizers and 3 are young professionals.
At Celsius we specialise in low rise, medium density property close to the city with great access to shops, restaurants, amenities and public transport links. We know that even in tough markets these properties outperform the general market and not just when it comes to selling. Did you know that we manage just under 400 residential properties on behalf of our trusting Landlords and our vacancy rate is consistently half the rate of Perth.
At present our vacancy rate sits at 2.4% and according to REIWA’s latest figures Perth’s vacancy rate is presently at 6.6%. Whilst our PM team will be quick to let you know that this is largely due to the excellent work they do in finding and securing tenants (something that I agree 100% with), the location and type of property on offer has a lot to do with it too. If you are going to buy an investment property please make sure that the property is one that tenants will actually want to live in and call home for as long as possible.
Whilst talking statistics, there was a total of 654 sales across Perth in the past week. During the exact same period last year a total of 382 sales were recorded. Many home owners are using this increased activity to quit the market and might end up doing so in what ends up being the bottom of the market. Don’t get me wrong, now is a great time to trade in the property market, with increased activity and still considerable choice. However quitting the market to sit on the fence for a while is perhaps the worst decision you could make, as it leaves you out of the market and exposed should prices start to rise.
In summary the property market in Perth is almost as confusing as the interest rate market in finance and we look forward to the challenge of assisting you with any property and finance related queries you may have.
All the very best
Richard