The last few post I've done have been more focusing on the property market as a whole, and its possible outlook!
Where now more than half way through the year so Ive decided to give you a report on how Nedlands real estate has held up, what has been going on and the total amount of sales per month.
HOW HAS NEDLANDS HELD UP COMPARED TO OTHER WESTERN SUBURBS?
I personally feel Nedlands has shown great value compared to a lot of the other Western Suburbs in this current market. People are now more then ever looking for value for their money, and Nedlands gives you that. Your average block size south of the Hwy is 1012 sqm, fetching between $1,200-$1,800 p/sqm for land value only block. You will not come across an other Western Suburb that is close to the river, close to the CBD and still only 10 minute (max) drive to the beach offering these sized blocks at this rate per sqm.
Nedlands has also held up well in the sales side compared to other Western Suburbs including Cottesloe, Mosman Park and Mount Claremont. Between December through to end March these 3 suburbs were affected the most, mostly due to the fact that their prices weren't adjusted to meet the current market. From January 2009 to today's current date Nedlands have had 57 successful sales. This equals out to be a sale every 3 days, which proves that Nedlands has held up strong and represents good buying value in this current market.
WHAT IS GOING ON IN THE NEDLANDS REAL ESTATE MARKET?
As of last Saturday (21st June 09) there was a total of 66 properties advertised for Sale in Nedlands over the Internet, with 30 of these advertised in Saturday's real estate section. We have received unprecedented buyer enquiries for properties between $1 mil and $2.5 mil, confirming what we have thought, that the market has very nearly reached the bottom and the buyers confidence is returning, while this is positive news, this doesnt mean that property value will increase, but shows that well priced properties will sell.
TOATL SALES FOR THIS HALF OF THE YEAR:
January
4 sales for the month with a total value of $3,270,000
February
7 Sales for the month with a total value of $6,645,000
March
16 sales for the month with a total value of $23,050,000
April
12 sales for the month with a total value of $12,745,000
May
16 sales for the month with a total value of $18,881,000
57 sales since January with a total value of $64,591,000
If you would like any further information on the current market in Nedlands, please don't hesitate to contact me.....more than ever, experience and knowledge is key!
Thinking of buying or selling in Nedlands? Call me anytime.
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