Following Eagles Win, Celsius kicks some goals of their own in October
A couple of years ago at a market update we put on, some of our Investors were quizzing me on when the Perth property market would finally turn around and my response was to monitor the numbers. For a number of years the Perth market has seen excess supply of both properties to rent and purchase which has caused prices to remain stagnant or fall.
In the September quarter it was extremely pleasing to see REIWA report a significant improvement in the Perth rental market. In summary the number of available properties for rent has fallen from approximately 9,500 twelve months ago to 7,286 at the end of September. In August 2016 there were over 11,000 rentals available in Perth so we are now witnessing a significant drop in the number of available rentals and in some areas rents are actually starting to rise again.
Interestingly when it comes to sales the number of properties listed for sale has increased in recent months and is back sitting at around 15,000 properties which remains stubbornly high. Given some improvement in market sentiment and sales in certain areas I believe that there is some pent up selling coming on to the market. The number needs to drop closer toward 13,000 before we believe you will start to see pressure on the median house price.
Of course there are markets within markets and the near city and western suburbs housing markets remain quite buoyant with limited supply in terms of both listings and rentals.
At Celsius we have had another busy month…
Firstly we welcome David Kirkbride to the team! David is a licenced Real Estate Agent with substantial experience in both sales and property management. David has joined Celsius to assist us with the launch of The Tide, Scarborough, Perth’s first co-living rental accommodation.
The Tide (previously The Sunmoon Resort) was acquired last year by Singapore fund, Meadpoint and Celsius has been engaged first with the project management of the refurbishment followed by the ongoing property management.
Initially offering 1 – 3 month leases we are very excited to launch the project to the rental market next week with first occupants moving in mid-month. Offering affordable furnished accommodation with significant common amenities whilst situated on the door step to Scarborough Beach, we are sure the accommodation will be taken up quite quickly.
Our townhouse project at 4 Downey Drive, Manning has just been completed and we have launched the townhouses offering 3 or 4 bedroom, 2 bathroom plus double garage options.
Priced at just $699,000 we were very pleased to have 12 groups inspect the homes over last weekend with positive feedback received in terms of size, quality and price.
With only 3 townhouses available we encourage anyone with interest to contact us as soon as possible to arrange a viewing.
Last Thursday saw the public launch of Lucent Claremont, Celsius Developments first boutique apartment project in the Western Suburbs.
Over 100 guests joined out team at the launch at the Claremont Football Club including the 10 Buyer who secured an apartment during the “design your own apartment” campaign.
We are certainly very proud of what we have created alongside Hillam Architects and look forward to updating you on the sales over the coming months.
Visit the Lucent website lucentclaremont.com.au for more information.
Late in September we acquired a significant parcel of land on the corner of Alma Road and Fitzgerald Street in North Perth.
The site is located in the heart of the North Perth village and is one of only 3 sites identified by the City of Vincent as being strategic and warranting special dispensation for density and height bonuses.
Over the next couple of years we will be working on creating an offering unique to Perth and befitting of such a fabulous location.
Finally it was a real privilege to attend the REIWA Awards for Excellence Ball where Celsius had not one, but two of their Property Managers as finalists in the REIWA Property Manager of the Year Award.
Well done to our PM team who all work extremely hard to provide the best possible level of service to our Landlords and Tenants alike.
We are very excited about the opportunities we have embarked on over the past few weeks and we look forward to keeping you informed with our progress along the way.
If you have an interest in anything you read about or feel we can assist you in any way then please do not hesitate to drop me a line anytime.
Kind Regards
Richard
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