Su­bi­aco leads way with buy­ers eye­ing char­ac­ter homes

Western Suburbs Weekly - - News 3 -

THE western sub­urbs prop­erty mar­ket started the year strongly.

The lat­est data from reiwa.com shows prop­erty sales for the four weeks to Fe­bru­ary 13 were 74 per cent higher than the pre­vi­ous four-week pe­riod and 15 per cent higher than the same time last year.

Su­bi­aco was the top per­form­ing sub­urb with 21 sales.

The Prop­erty Ex­change direc­tor Niki Peinke said Su­bi­aco seemed to do well un­der all mar­ket con­di­tions.

“I think this is be­cause it is in the ‘mid­dle range’ price group so af­ford­able to many peo­ple,” she said.

“It’s close to the city cen­tre, it has heaps of char­ac­ter and in­ter­est­ing eclec­tic shops and al­though it has def­i­nitely lost some of its piz­zazz, it still has a lot go­ing for it in terms of eat­ing out, small bars, con­ve­nience shop­ping, good trans­port etc.

“With the re­turn of the cin­ema com­plex and a cou­ple of bou­tique ho­tels it could be re­vived, and this I be­lieve will cause prices to rise again here.

“Su­bi­aco’s pop­u­lar­ity also stems from the fact that char­ac­ter homes can­not be re-cre­ated and so, like a vin­tage car, they are very sought-af­ter.”

Cur­rently, the great­est de­mand is for char­ac­ter homes in good streets in the mid-price range, and these are sell­ing quickly.

Qual­ity, spa­cious apart­ments are at­tract­ing “down­siz­ers” but Ms Peinke said there was not a lot to choose from if buy­ers wanted to be on one level, with no main­te­nance and cen­tral to shops.

“There are also quite a few par­ents help­ing chil­dren to buy into the mar­ket,” Ms Peinke said.

“This is where the town­houses and lit­tle cot­tages come into their own.”

Re­al­is­tic pric­ing and good pre­sen­ta­tion re­mained im­por­tant when sell­ing. “Not ad­dress­ing ei­ther of these things can cre­ate a long and wind­ing road to dis­ap­point­ment.” Ms Peinke said.

“If your prop­erty is not sell­ing it’s be­cause it’s worth more to you than it is to any­one else, and un­for­tu­nately that’s not go­ing to lead to a sale.”

Mid-priced char­ac­ter homes in good streets are sell­ing quickly.

Niki Peinke

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