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dethridgeGROVES Real Estate Spring Newsletter.
With warm wishes from Shirley Baker.
Dethridge Groves

Spring into action

welcome to spring 2014

Welcome to dethridgeGROVES Spring quarterly newsletter. In this season’s edition we discuss the value of gardens, their impact and how much is too much to spend on landscaping. In other news, we provide an update on the market from our Principal Hayden Groves, we discuss selling and settling before Christmas and the excitement of The Fremantle Festival.

Market Update

The Greater Fremantle property market remains in a holding pattern with lower sales volumes accompanied by mild downward pressures on house prices throughout the region. Conversely, June quarter figures reveal apartments and units performed well for the 2013/14 financial year with a 20 per cent improvement in the median price in this market sector. This result can be attributed to a change in the composition of apartment sales with luxury and newly built apartments making up a higher proportion of the sales over the past twelve months whilst the demand for cheaper, entry level flats dropped over the same period.
 
The average time it takes to sell for locally listed property is at 75 days, 13 days longer than 12 months ago and 3 days longer than last quarter. There is 3 per cent more property listed for sale too at 283 although this number retracted since the March quarter. In contrast to remaining metropolitan areas, local stock levels are low with the rest of metropolitan Perth 24 per cent up on last year. Fremantle’s days to sell remain above the metro average of 54 days.
 
Seller sentiment measures reveal local vendors remain an optimistic bunch. The “listing versus sold” price measure is an overall 1 per cent. By way of example, a list price of $1,000,000 ends at a sale price of $990,000 using this measure; the same as the metropolitan average. However 55 per cent of local vendors need to discount their asking prices from their original expectations in order to sell and when they do the variance is a more significant 7.1 per cent meaning that, on average, a list price of $1,000,000 ends up at a sale price of $929,000.
 
It is widely anticipated that as consumer confidence slows via Federal and State budgetary constraints, the property market will continue to slow with lower sales volumes and downward pressure on median values. Preliminary figures for August shows a 9 per cent fall in sales volumes since July and down 15 per cent compared to August 2013. In short, the market has passed its peak. Sellers are well advised to be reactive to a market of this nature and be prepared to adjust their selling expectations quickly in the event the market conditions continue to deteriorate.

A NEW HOME FOR CHRISTMAS

The much anticipated change of season brings with it enthusiasm, excitement and zest. Spring may be a time when sellers are inspired because the weather is warmer; the garden is greener and the house is less damp. It is also when buyers shrug off the gloom of winter and start thinking about a new house. Buyers' become a little more hopeful and optimistic - and this rubs off on sellers.  With buyer positivity and spring magic around, selling and settling before Christmas is possible.
 

living & supporting local

The Fremantle Festival is Australia's longest running festival. In its 109th year, the Festival runs from the 26th October – 9th November this year. Each year the community brings the Fremantle Festival to fruition by contributing to the program with over 100 different cultural events that run alongside annual festival events. The two week program includes plays, art exhibitions, performances, jazz, comedy shows, cake bakes, sailing races, the Wardarnji aboriginal cultural festival, a day of picnics and activities at the leisure centre, the opportunity to win Fremantle’s best verge, workshops, parades and delicious food stalls.  Fremantle will be a buzz of colour, energy and entertainment.


 

THE VALUE OF GARDENS

 Most homebuyers determine their interest in a property at first glance online, pictured in a newspaper, brochure or drive by. All of these different viewpoints have one common denominator – the exterior of the property, the garden! “Research into buyer motivations show that most buyers determine the value of a property in the following order of importance: location, selling price of neighbouring properties, age of the property, number of liveable rooms, quality of construction and lifestyle attributes, such as a pool, work shed or landscaping”. It is agreed that well maintained, manicured gardens attract buyers. However, “when it comes to gardens and property values, the key is to find a balance between demographic suitability, cost and the need for ongoing maintenance”.



If a new home for Christmas is on your wish list, please contact our office on 9336 1166 to speak with one of our experienced Sales Reps. Alternatively, please go to our website to view our current sales and rental listings.

Wishing you all the best for Spring.
Shirley Baker



 
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