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. n