Professionals Arthur Johnston Snowball
256 York St Albany
(08) 9841 1777
(08) 9842 5818Contact us
The Albany Property Market for the Calendar Year of 2016 was…
… Pretty Steady!
No big surprise to most of you I am sure. We saw a rise in median price of about 3.8% for the quarter but only a modest gain of $5,000 for the year to finish at $380,000. The number of sales was exactly the same as 2015 – 466 sales for the year. Rents were slightly firmer for the quarter and the year to an median of $350pw.
There were the usual wild fluctuations at a suburban level – for example Albany (CBD) median fell more than 26% for the year whilst Goode Beach rose an incredible 63.0%. These swings occur when you have a year of either mainly lower end or mainly higher end homes sell in the suburb and are generally unhelpful in gauging where the market really sits in those areas – an informed appraisal will utilise comparable properties to your own home and give a much more accurate idea of value.
Land sales were up in Albany – 185 sales in 2016 compared to 147 the year before. However, this increase in land transactions is quite mild compared with the rest of the state with many regional and metropolitan centres recording close to a doubling in the number of blocks sold.
Over the long term, we are still trying to catch those heady prices of a decade ago and are gradually nudging our way up there – our median of $380,000 just slightly lower than the end of 2006 where it sat at $395,000. Prices in Perth are comfortably up over the same period despite declining fairly heavily in the last two years.
At Professionals Arthur Johnston Snowball, we have also been “Pretty Steady” with sales in 2016 and 2015 sitting just below 200 each year. Consistency is the key in the real estate business, and our firm has a track record spanning 120 years, so I guess you could say we have achieved that. The Team at Professionals are here to assist you with your next property decision or to provide advice that comes with experience. Call us today on 9841 1777.