Su­bi­aco still top for prop­erty sales in west­ern sub­urbs

Western Suburbs Weekly - - News -

SU­BI­ACO is the west­ern sub­urb’s top per­former for prop­erty sales for the third time this year.

Ac­cord­ing to the lat­est data from REIWA, the sub­urb recorded 14 sales in the four weeks to May 8.

As­set Edge Res­i­den­tial di­rec­tor Nic Di Rosso said it was no sur­prise that Su­bi­aco topped the list, with many buy­ing op­por­tu­ni­ties for cashed up, ready-to-pounce buy­ers look­ing to move into the area.

“We have been speak­ing to home own­ers in Su­bi­aco and are aware of many prop­er­ties ei­ther be­com­ing ready for the mar­ket, or will be ready to sell in the near fu­ture,” he said.

“Not all of these prop­er­ties will make it to the wider mar­ket, the strong in­ter­est pro­vides silent list­ing op­por­tu­ni­ties to of­fer to ac­tive buy­ers on our data­base.

“We are cer­tainly see­ing much ac­tiv­ity in the apart­ment sec­tor of the Su­bi­aco mar­ket, with around 56 per cent of sales ac­tiv­ity fall­ing into this cat­e­gory, how­ever, most of our silent list­ings are tra­di­tional style homes which will con­tinue to achieve sales suc­cess at the up­per end of the mar­ket.”

Mr Di Rosso ex­pects mea­sures an­nounced in last week’s Fed­eral Bud­get to boost the lo­cal prop­erty mar­ket fur­ther over time.

“There are some per­ti­nent fac­tors that will ben­e­fit a large part of the po­ten­tial sell­ing mar­ket in Su­bi­aco, namely those in the re­tire­ment sec­tor look­ing to down­size,” he said.

“There is a strong de­sire from that seg­ment of the mar­ket to sell their large fam­ily home and re­lo­cate close by, into some­thing more man­age­able, but still of good qual­ity, how­ever they haven’t been will­ing to com­mit to a sale. In part, their un­cer­tainty has been a re­sult of not know­ing how this will af­fect them fi­nan­cially.

“Now, with the Fed­eral Bud­get propos­ing a non-con­ces­sional su­per­an­nu­a­tion con­tri­bu­tion of up to $300,000 per per­son from the pro­ceeds of the sale of their prin­ci­pal place of res­i­dence, older home­own­ers can feel more fi­nan­cially con­fi­dent about sell­ing and down­siz­ing.

“If this pro­posal is ap­proved, we feel this will give down­siz­ers the se­cu­rity to take that step and com­mit to sell­ing.”

Mr Di Rosso ex­pects sales ac­tiv­ity to con­tinue to in­crease for the re­main­der of 2017 and into the first quar­ter of 2018, al­though price growth will re­main static.

“This con­tin­ued in­crease in sales ac­tiv­ity can be at­trib­uted to the mar­ket be­ing sta­ble and there­fore con­fi­dence re­turn­ing,” he said. ■

As­set Edge Res­i­den­tial di­rec­tor Nic Di Rosso.

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