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More than 200 Perth suburbs hit million-dollar property mark; Bears Perth Fantasy Disintegrates
Topic Started: 14 Sep 2014, 10:08 AM (2,890 Views)
Black Panther
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Enjoy your weekend fella's :bye:

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More than 200 Perth suburbs hit million-dollar property mark

More than 200 suburbs in Perth now have homes fetching a price over $1 million, and real estate experts expect the list to continue to grow.

The Real Estate Institute of WA has released new figures which reveals an additional 40 suburbs joined the list over the past year.

The new suburbs include Bassendean, Rockingham, Bayswater, Canning Vale and Innaloo.

REIWA's David Airey told 720 ABC Perth demand for properties within traditionally cheaper, blue-collar suburbs has pushed up their value over time.

"I think the big value proposition in Perth is probably going to be settled between $800,000 and $1.5 million, that's going to be a pretty popular price range," he said.

Mr Airey said that range would be the new growth market for the next year or two.

"Just six years ago, in 2008, we had just 122 Perth suburbs on the million list and now there's just over 200 - so it is amazing," he said.

"Things are just creeping over the million-dollar mark and this is in what's been a relatively quiet market for the last three or four years with relatively low growth."

Mr Airey attributed the figures to what he called the "wave" effect.

"As cheaper properties start to jump in value, and cheaper properties always move up in value more quickly percentage-wise, for example $400 becomes $450 and then $500 a lot more quickly than $1 million becomes $1.2 million," he said.

"The jump in lower property values, particularly properties under $1 million or under $800,000 has been quite steady and that's pushed these more traditional suburbs, notionally called blue-collar areas, even light industrial areas as they've had more residential activity, they've just snuck into the million-dollar market."

The real estate expert said there were 21 sales in Iluka - a northern coastal suburb with some properties close to the ocean - over $1 million.

"If you're going to [buy in] Illuka, you're probably going to spend over $1 million and I can guarantee people who built there five or 10 years ago wouldn't have thought that," Mr Airey said.

http://www.abc.net.au/news/2014-09-09/additional-suburbs-hit-million-dollar-mark/5731958
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Jimbo
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Black Panther
14 Sep 2014, 10:08 AM
Enjoy your weekend fella's :bye:

This article is a total crock of shit.

Most burbs have a least a couple of properties that would sell for over a million.

I would say that "new addition" Rockingham has them in the hundreds. All along Rockingham Beach Road, Palm Beach, Arcadia Drive etc.

What REIWA is neglecting to say is that there are quite a few of these places on the market that have been languishing for a while and many have been discounted. So if one of these places was on the market for 1.5million and sold for 1.1million, it would push Rockingham into the million dollar club?

This is REIWA spouting drivel to try and spruik a dying market.

Meanwhile, this is what is really happening in the top end price ranges.

http://australianpropertyforum.com/topic/10143643/1/
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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Thanks bp, now we have a number we can follow and see how many drop under the million.

Shows what a bubble it has become over the years.

With record overbuilding , record job losses and record vacancy rates and record wages decline and record rent declines, it only get better from here right.......

Goodbye Perth and WA bulls , your days on here are now numbered, just ask timmy :bye:
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Black Panther
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Jimbo
14 Sep 2014, 10:36 AM
This article is a total crock of shit.

Most burbs have a least a couple of properties that would sell for over a million.

I would say that "new addition" Rockingham has them in the hundreds. All along Rockingham Beach Road, Palm Beach, Arcadia Drive etc.

What REIWA is neglecting to say is that there are quite a few of these places on the market that have been languishing for a while and many have been discounted. So if one of these places was on the market for 1.5million and sold for 1.1million, it would push Rockingham into the million dollar club?

This is REIWA spouting drivel to try and spruik a dying market.

Meanwhile, this is what is really happening in the top end price ranges.

http://australianpropertyforum.com/topic/10143643/1/
Actually, this is very telling.

""Just six years ago, in 2008, we had just 122 Perth suburbs on the million list and now there's just over 200 - so it is amazing," he said."

Its a Red Alert for Bears clinging onto the Perth Collapse Delusion.

Talk about you guys getting it very wrong.
Edited by Black Panther, 14 Sep 2014, 11:10 AM.
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Lef-tee
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Movements in house prices today are pretty much disconnected from the fundamental reason for their existence so they could do anything.

But I would be cautious about Perth. A large wave of supply will be hitting Perth over the next year or two just as large numbers of high-paid jobs are vanishing. So I guess it depends who's building all these new houses and whether they will continue to have the means to keep paying for them.
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Jimbo
14 Sep 2014, 10:36 AM
This article is a total crock of shit.
Denial, it's the first stage of grief
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zaph
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Let's talk medians - not outlier $1m sales.

It's the transmutation in full swing!
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herbie
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Kind hearted bears continue to hope that Perth is gunna be a bit like California going forward rather than a bit like Charters Towers I guess? ... :)
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Jimbo
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Black Panther
14 Sep 2014, 11:09 AM
Actually, this is very telling.

Just six years ago, in 2008, we had just 122 Perth suburbs on the million list and now there's just over 200 - so it is amazing," he said."
Its a Red Alert for Bears clinging onto the Perth Collapse Delusion.

What REIWA is saying is that in 2008, there were 122 suburbs in Perth were houses sold for more than a million and now there are 200 suburbs where houses have sold for over a million.

It doesn't mean that the values of those houses have increased. These are not properties that have suddenly jumped in value to traverse the million dollar mark.

Since the early 2000's, there have been a lot of big bucks properties being built along the coast all the way from Burns Beach to Avalon. Our stock of high value properties increased dramatically.

Now, according to REIWA, if one house in a suburb sells for a million plus, the whole suburb is branded as a "million dollar suburb".

I am watching high end property at the moment and there is a lot of it on the market and it isn't moving.

Meanwhile RP data shows a quarterly drop of 0.73% across Perth.

This is REIWA trying to put a positive spin on a flat market.

Complete bullshit.

Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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newjez
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A million dollars ain't what it used to be. Ain't inflation a wonderful thing?
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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