by Michael Forzatti
Ask almost anyone with their finger near the pulse on Perth residential property about the state of the market right now, and you’ll likely hear the phrase ‘mixed bag’ in there somewhere.
While there’s an undeniable increase in buyer interest and activity, the upswing is not unilateral, and it’s yet to reach the point of being reflected in stronger housing prices across entire suburbs (with occasional exceptions).
In Palmyra, it’s the larger blocks with established homes, and bespoke designed homes that are catching the eyes of buyers, leading to substantial sales.
It’s a different story when it comes to multiple dwellings and strata unit developments—there simply isn’t sufficient heat and demand in the market to see these properties moving quickly at the moment. Patience is a virtue, though; the market will turn again soon!
There’s no doubt that there are more buyers in the market right now, particularly at the higher end of Palmyra. There’s an influx of families looking to move up to the next bracket of homes in the area and, I’m heartened to add, they want to sink deep roots into the area for the long haul.
Years back, owners may have viewed Palmyra as a stepping stone suburb. Now it’s a destination. That’s a significant reclassification.
With that motivation, rather than a ‘flip it and move on’ motivation, the property sales above $1 million make even more sense.
In the last four months, I’ve transacted sales in Tamar Street ($1Million Plus), Zenobia Street ($1Million Plus), Adrian Street ($1Million Plus), and another in Zenobia Street ($1Million Plus).
Add to this a more tailored, sophisticated approach to marketing these properties, and the results are of little surprise. Those inspecting these properties are pre-qualified and tailor-made for ‘VIP viewings’. These inspections are attracting genuine buyers ready to buy rather than a rent-a-crowd. This delivers a further upside as I’m often in a position to present multiple, strong offers with the level of interest among buyers.
It’s been a while since we’ve seen this level of interest in any property type and reflects an increased optimism in unique segments of the market. These purchasers have confidence in both the stability and positive outlook for the market.
Palmyra has an enviable reputation among purchasers. The area has become highly sought after for its rare blend of community, convenience, authenticity, and prestige. Prices, in turn, are reflecting this desirability, as well as the nature and scale of homes that are being built in the area.
I’m seeing professional couples who are yet to start a family moving into the area with an intent to establish themselves in the area and raise a family here in the years to come.
I’ve also had a couple of clients who’ve bought larger blocks, or both halves of a duplex and knocked them down to build large family homes on a generous-sized block. I love seeing this sort of reclamation, and it certainly bodes well for the overall confidence that residents are displaying in Palmyra.
We’re not getting ahead of ourselves, and we’re all about ‘keeping it real in Palmyra’, but many purchasers are recognising the deeper investment value in calling Palmyra ‘home’.
The trend is our friend, and the trend in Palmyra is to get planted over the long haul and invest in tomorrow. Not only financially, but for the future of your family.