Claremont and Subiaco top August sales

Olivia Porteous sold this home on Bay View Terrace, Claremont for $2.855 million.
Suzy Costanzo sold this Subiaco character home with the potential to be renovated and extended in July.
Olivia Porteous sold this home on Bay View Terrace, Claremont for $2.855 million. Suzy Costanzo sold this Subiaco character home with the potential to be renovated and extended in July.

Claremont shared top billing with Subiaco for the sales in the four weeks to August 29, with both suburbs recording 13 sales in that period.

William Porteous Properties International sales executive John Hunter said demand was strong in the area.

“We actually have more buyers than houses available at the moment,” he said.

“Properties under $1.5 million are super-popular. However, we have seen a lot more demand in the $2 million-$3 milion range, with a lot of families upgrading.

“Apartments around Claremont Oval, such as Blackburne’s Essence, are also selling quickly.”

Mr Hunter said there were two types of buyers that were very active in the Claremont market.

“There are downsizers who are purchasing smaller properties or apartments with less maintenance and upkeep,” he said.

“This assists in supplying our family market, who are all seizing this great opportunity to upsize while prices are where they are.

“In the last seven to 10 days we have seen seven properties in Claremont go under offer, with prices ranging from $1.1 million to $4.2 million.

“The market is strong and with the short supply of homes, buyers are actively chasing myself for upcoming properties.”

Mr Hunter said sellers could expect their properties to sell in a reasonable time frame if they were priced correctly.

“Properties priced for the current market are selling in first three weeks, especially if they are under $2.5 million,” Mr Hunter said.

“The more upper end, of over $4 million, is very popular and selling in a 4-6 week time frame.”

With such strong demand for Claremont property, Mr Hunter is hoping the spring selling season will lead to more stock.

“I hope for my buyers that we have more properties to show them, as stock is very low and they are actively looking on a daily basis,” he said.

Subiaco is a perennial top performer and Space Real Estate sales and marketing consultant Suzy Costanzo said its proximity to the city, hospitals, Kings Park and train line meant that its popularity as a sought-after suburb was growing all the time.

“I have sold two Subiaco properties in the past two weeks, with competition amongst buyers and multiple offers and large numbers of buyers at home opens,” she said.

“At present there is a large volume of buyers ready and willing to purchase in the area at any given time and I am also selling properties off-market due to this number of qualified buyers.”

Ms Costanzo said properties in the $1 million-$1.6 million price range were selling quickly, averaging three weeks on the market.

“As always, character homes are very much sought after by all levels of buyers, downsizers and young couples alike,” she said.

“At present there is a demand for renovator properties that young couples can purchase, move into the area and extend and add value to over time.”

As the market moves into spring, Ms Costanzo expects to see more properties brought to market.

“This means more choice available for purchasers, although this does mean more competition for owners,” she said.

The location was not the only factor behind Subiaco’s strong appeal.

“The spirit of the neighbours, the hospitality of the owners of local shops and small businesses, and the local parks and interests are all very attractive to purchasers,” Ms Costanzo said.

“Having an array of coffee shops, restaurants, bakeries and bars within walking distance will ensure the demand for the suburb continues to grow. And the reputation of Subiaco Primary School and Shenton College are also drawcards to the area.” n