Professionals Arthur Johnston Snowball
256 York St Albany
(08) 9841 1777
(08) 9842 5818Contact us
Now that the official data is out, it seems our take on the late part of 2015 was accurate – Professionals Albany was doing plenty of business but not many others were.
With a strong quarter of sales in our office, we seemed to have bucked the overall trend. The number of sales of established dwellings was down by nearly 22% on the previous quarter and land sales down by nearly 37%, but it seems we were isolated from this apparent downturn. In fact REIWA is recording a total of 105 sales (86 homes and 19 blocks) for the quarter and our share of that was 68 sales or around 65%.
Obviously luck and timing comes into this to some degree, but we also like to think we are doing a few things right. At Arthur Johnston Snowball, we have tremendous confidence in our sales people and property managers who received some of the best training in the industry. They are also backed up by an amazing administration team and supportive management.
For the 2015 calendar year, sales were down considerably in Albany – 429 compared to 548 in 2014. The median price has slipped over that time from $405,000 to $380,000 as at the end of December 2015 – although we are not really noticing that in our transactions. The median land price has soared from $135,000 at the end of 2014 to $205,000 in December last year – I would have to say we are not really experiencing that either in our land sales. Overall, we feel the market is very solid. Median prices can be influenced heavily by a few very high or very low value sales or a large number of sales in a high or low priced area. Often, the trend reverses to some extent the next quarter.
Stock levels in Albany have fallen 6.3% compared with the year before and average selling days have reduced by 22 days. These statistics often prove to be the bellwether indicating what is to come – rising stock and average selling days usually results in a softening market, these numbers should give local residents confidence. Again, it seems Albany is in contrast to the Perth market which is experiencing very high numbers of listings and longer and longer average selling days – hence a very soft market in our capital city right now.
Rents have remained unchanged over the year at $350 per week for houses but have increased somewhat for the small number of units available in town. For the fourth month in secession our own Property Management team have recorded a 0.49% vacancy rate which is especially pleasing as we head into what is typically our busiest months. We therefore expect this trend to continue.
(Statistics: REIWA Market Update December Quarter 2015)