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.”
Read the latest local market news in REIWA’s suburban snapshot on page 4. n