Houses selling fast in Subiaco, Shenton Park

This home in Murchison Street, Shenton Park sold after the first home open.
This home in Murchison Street, Shenton Park sold after the first home open.

HOUSES are flying off the shelves in Shenton Park and Subiaco according to The Property Exchange director Niki Peinke.

Last weekend 100 groups attended a home open on Murchison Street, Shenton Park, six offers were received and the house sold cash unconditional on the day.

It was priced offers over $1.095 million.

Ms Peinke said it was a great result, but not uncommon.

The Property Exchange sold a renovated character home on Lawler Street, Subiaco – marketed at offers over $1.849 million – on the first day.

An older two-bedroom home on Evans Street, Shenton Park, priced at offers over $1.195 million, sold within the first week.

“This has happened to nearly all our houses that have gone on the market this year,” Ms Peinke said.

“In fact every one of them, bar one, and that one took 10 days to sell.

“There is a huge amount of interest in houses generally now in Subiaco and Shenton Park, but homes in Shenton Park are particularly scarce so tend to walk out the door in the first viewing, provided they are marketed correctly of course.”

The demand and competition is seeing many homes selling over the asking price.

“18 Heytesbury Road, Subiaco was priced offers over $1,495 million and sold in the $1.6 millions in March,” Ms Peinke said.

“86 Salisbury Road, Subiaco was marketed at offers over $1.595 million and also sold in the $1.6 millions.”

While Ms Peinke said the market was generally displaying a great deal more confidence now, and even high end properties were attracting attention, the improved conditions were not being experienced across the board.

“The apartment market is still suffering from an oversupply and has been hit hard with price drops, and I think that this will continue whilst apartments continue to be constructed,” she said.

Earlier this year Shenton Park and Subiaco were named among Perth’s fastest selling suburbs and it looks like that trend is set to continue.

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