The inner north / inner city market for family homes is running hot with stock at record low levels and families scrambling to secure homes within designated catchment zones for local public schools. Whether they choose to send their children public or private, buyers are moving whilst children are still young enough to widen their schooling choices in the future.
Rather than compete with large open numbers, buyers are looking for additional avenues to source properties prior to open market. Quality family homes in the over $1.5 million dollar range are getting home open numbers in excess of 60 people over a weekend and resulting in double figure offers so we are seeing families now actively competing to secure that perfect family home.
Previously the activity has been at the unrenovated end of the market but the scarcity of quality trades and the time poor nature of the average buyer is driving them to look at higher budgets and a far more finished product.
Simon Pigliardo from Ray White has commented that areas such as Coolbinia and Menora have been grossly undervalued for years. Buyers are now seeking established suburbs with close proximity to amenities where only one home can be built next door.
Data from even three months ago is now useless. If only we had a time machine!
With the spring selling season upon us, there are expected to be an increase of properties hitting the market but possibly not in the numbers of previous years as owners of established homes are wary of selling without a subsequent property to move to. We can also expect an increase in buyers as a November deadline for securing school catchment properties looms. It should be an interesting end to 2021 as we close out a sellers market in Perth.
If you’re looking to get an edge over the bold competition, please get in touch.
Top Inner North Sales
158 Sixth Avenue Inglewood – $2,200,000 4 x 2 744m2
7 South View Road Mount Lawley – $3,200,000 3 x 3 883m2
60 Iverness Crescent Menora – $1,620,000 4 x 3 822m2
10 Warralong Crescent Coolbinia – $2,610,000 4 x 3 880m2
88 Eton Street North Perth – $2,025,000 3 x 1 531m2