Thursday, 13 October 2011

Tracking Real Estate prices: part 3

Following on from part 2, page 71 of the latest issue of the Subiaco Post carries the following story: 
Ouch! That hurt ... 
Perth’s declining property market has produced its fair share of losses, but the owner of 40 Wright Avenue, in Swanbourne, was hit particularly hard. The property was bought at the peak of the market in 2007 for $2.7 million. The two-storey, four-bedroom home is just metres from Lake Claremont and the Scotch College playing fields, but it wasn’t enough to tempt the market this time around. After a long period on the market, the property finally sold for $1.74 million, a loss in value of just over 35%. Selling agent Jamie Loh, of Jamie Loh Real Estate, said the loss could be chalked up to market factors. “It’s just a sign of what the market’s been doing recently,” he said. “More buyers are starting to come in, so hopefully it’s about to stabilise.”

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  1. On a more serious note, my parents old house at 11 High Street was demolished a few years ago, and an absolute mansion built on the block. Its been on the market for a while now (6+ months), and I imagine they've dropped their price a bit.

    It used to be 11 High St South Perth, but now its 5 Milson St. Which makes it the 2nd address I've lived at which doesn't exist any more (the other being 42 Princess Rd Claremont).

  2. Actually, the oldest listing I could see was Nov 2010 at $3.95M, but its now $3.45M.

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