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The median price for a Perth house will pass $600,000 within three years as the city’s property market reclaims its title as the strongest and fastest growing in the country, a new report predicts.

The BIS Shrapnel residential property report forecasts house prices in Perth will climb an average 7 per cent a year for three years, pushing the median price to $610,000 from $500,000 today.

No other capital is expected to enjoy such strong capital growth, with even higher interest rates unlikely to slow the Perth market as much as others.

Senior project manager Angie Zigomanis said even though the Perth market slowed before other cities in 2007, conditions were improving on the back of another resources boom. Money flowing from commodities would soon push up house prices across Perth.

“With prices below peak levels in real terms and income in Perth set to grow substantially as the next round of resource expansion projects get up and running, solid price growth should continue,” he said.

“Nevertheless, further increases in interest rates will prevent the boom in prices that we saw in the last upturn.”

Mr Zigomanis said the median house price would climb 22 per cent by the middle of 2013. This growth would be quicker if the Reserve Bank did not increase interest rates in the next six to 12 months.

Growth at that rate would surpass other capitals such as Sydney (up 20 per cent), Melbourne (11 per cent), Brisbane (12 per cent), Adelaide (20 per cent), Hobart (12 per cent), Canberra (14 per cent) and Darwin (12 per cent).

House prices climbed rapidly through the second half of last year and into the first four months of this year.

Mr Zigomanis said this was directly because of record low interest rates in response to the global financial crisis and a “pull forward” of demand from the first-homeowner’s grant. Not only would house prices outpace inflation, they would affect rents.

“Even though overseas migration inflows are steadily easing, a deficiency of stock is still in place with dwelling construction below underlying trend,” he said.

Recent Australian Bureau of Statistics figures show a fall in loans for people buying homes but an increase in loans for investment properties. Financial market analysts do not expect official interest rates to rise until May next year.

source  :  www.thewest.com.au

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Perth tenants should brace themselves as rising house prices, improving economic conditions and more newcomers to the state combine to force up rents this year, a leading property researcher says.

The latest rental report by Australian Property Monitors shows asking rents in Perth have increased in the first three months of the year.

The median weekly asking rent for houses in the metropolitan area is now $370, a $10 increase on the previous quarter and the first rise in more than a year, while units increased $8, to $358.

But with rising house prices, increased rents have not led to increased yields. The gross yield for houses is now 4.06 per cent, while units are yielding 4.62 per cent.

That leaves Perth ahead of only Melbourne among all state capitals.

APM economist Matthew Bell said he expected Perth rentals to increase a further $10 a quarter for the rest of the year, with a strong resources sector and population growth the driving factors.

But this was unlikely to be fast enough to maintain yields, which would drop slightly as house prices rose further. The median Perth house price is believed to have passed $500,000.

Really, the outlook for both rents and house prices is pretty strong,” he said.

“Yields will probably soften again, but historically they are at pretty good levels.”

Houses were usually bought by investors for capital growth, with units offering better yields, Mr Bell said.

Meanwhile, the Urban Development Institute of Australia said its own research showed a six-month delay in planning approval could add 7 per cent to the price of an average block in the metropolitan area.

UDIA WA chief executive Debra Goostrey said developers were doing what they could to ensure “affordable” land was being made available during a time of increasing prices.

“We also need the support of a fast and efficient planning approvals process to avoid costs associated with delays,” she said.

Her comments follow those last week by property researcher Terry Ryder, who said claims of housing shortages were a beat-up by property industry lobby groups.

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Perth properties are being sold quicker than any other state capital, new figures show.

Research from property analysts RP Data and Rismark International shows it took 24 days to sell a house in November and two days fewer for units.

The time taken to sell a unit was the quickest in Australia, while only in Canberra (23 days) were houses sold quicker.

The average price for houses and units in the metropolitan area at the end of November was $460,000.

While that was a drop of 1.09 per cent on October, making Perth the only city where prices fell, it was still an increase of 6.47 per cent on the start of the year and a 5.87 per cent rise on the same time in 2008.

The average house price was $485,000, down 1.11 per cent on October, but up 5.94 per cent since the start of 2009, while units dropped 1 per cent on October, but rose 8.55 per cent in 2009, to average $385,000.

The news was not all good for homeowners. Landlords found rental yields dropping, to 3.94 per cent for houses and 4.41 per cent for units, both down 0.04 of a percentage point on October.

Rismark managing director Christopher Joye said the key drivers in the market in the latter half of 2009 were upgraders and investors, and this was expected to continue this year.

Once mortgage rates “normalised” to between 7 per cent and 8 per cent, price growth would drop back. As many borrowers did not reduce mortgage payments when rates fell, they should be well placed to absorb rises.

Source  :  www.watoday.com.au

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ITS quaint facade may display its history, but it gives little hint to the sprawling family home within.   bakehouse

Once the Old Bakehouse, the Bassendean home now serves as a four-bedroom, two-bathroom residence with a below-ground pool and self-contained studio.

Its owners bought the property about five years ago and took care during renovations to retain its original character features.

They added a studio adjacent to the pool and fitted it with a bathroom, built-in barbecue and pizza oven.

“We just love the big leadlight back windows overlooking the swimming pool, and the big family block,” the owner said.

The 1012sqm block has subdivision potential, with the opportunity for two street frontages.

The owner said the neighbourhood felt like a little community.

“The kids go to school locally and I work locally,” she said.

“We used to have the whole school class over at the end of school year for a swim, which was great.”

She said the property was ideal for entertaining in summer.

“The pitched room overlooking the pool is my favourite feature. When you sit in there, with the height of the ceilings and the view, it’s just really peaceful,” she said.

The residence has polished jarrah floors, bathrooms with federation tiles, an ensuite to the main bedroom, wood heating, reverse-cycle airconditioning and decorative cornices.

The property is a short walk to the Swan River and about 11km from the city.

BASSENDEAN
Auction: Saturday, September 12, at 11am
122 West Rd

Four-bedroom, two-bathroom character house with study, al fresco entertaining area, pool, self-contained studio with bathroom, built-in barbecue and pizza oven, on 1012sqm.
Agent: Julie Pedulla 0419440093, Altitude Real Estate 93883911

Source  :  http://www.news.com.au/perthnow/story/0,21598,25998702-5013239,00.html

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1920s charm of North Perth home retained                                                                                                                                                                                           north perth home

RENOVATIONS were completed less than a year ago on the 1920s home owned by Karina and Chris Hiller for five years.

“We fell in love with it and we didn’t plan to renovate,” Mrs Hiller said.

“We loved the location, but realised it was getting a bit tight for space when we had a baby.”
So the couple demolished the rear half to allow for an open-plan extension.

They installed a new kitchen, plus an al fresco area because they enjoy entertaining.

Mrs Hiller said they wanted to achieve “retreat-style living” as a change of pace for her husband, who owned a busy cafe in Burswood and wanted the chance to unwind in a tranquil villa-style house.

They combined elements from the old and the new to suit their lifestyle and they think the location is golden because it’s only a 20-minute walk to the city.

Mrs Hiller said she loved the house because of its originality and charm.

“It has ornate and dome ceilings that we never wanted to touch because you can’t find homes with beautiful old things like these any more,” she said.

Other features include a pool, open fireplace, airconditioning, bore-water reticulation and double carport.

NORTH PERTH
$999,000
189 Grosvenor Rd

Three-bedroom, two-bathroom, single- storey house with airconditioning, covered al fresco area, high ceilings, tropical gardens and open-plan living area.
Agent: John Parzycki 0418 923 226, L.J. Hooker Willetton 9457 9955  Source  :  http://www.news.com.au/perthnow/story/0,21598,25867487-5013239,00.html 


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WILD weather has caused havoc across Perth, uprooting trees, tearing off roofs and plunging homes into darkness.   

Winds travelling at more than 100km/h tore through the city overnight, ripping the roof off a granny flat in Doubleview, collapsing a ceiling in Joondalup and blowing in the windows of a house in City Beach.

More than 17,000 are believed to be without power because of the storm, mostly in the Perth hills.

State and Emergency Services (SES) have recorded 70 calls for help since 7am, with a total of 125 incidents logged since 6pm last night and 240 properties impacted.

Damage has been reported in coastal suburbs from Two Rocks to Rockingham and all SES units in the metropolitan area have been activated with volunteers in Northamweather called in for backup.

A series of cold fronts have been lashing the city since Friday, with Rottnest, Ocean Reef, Mandurah and Bickley some of the worst hit areas.

Ocean Reef recorded a wind gust of 107km/h and gusts of 115km/h were recorded at Rottnest, where ferry services have been cancelled.

The ports of Fremantle and Kwinana ports have suspended operations until midday.

Across the state, Cape Naturalist and Cape Leeuwin recorded wind gusts of up to 109km/h.  There have been reports of fallen trees and minor damage to homes in Bunbury, Busselton and Capel.

The WA Bureau of Meteorology says it is the wettest day of the year.

Flights from Perth’s international terminal are running half an hour behind schedule, and Main Roads are urging motorists to slow down and take care in the inclement weather.

Near the city, waves from the Swan River were lapping around peak hour traffic on the Kwinana Freeway this morning, while Riverside Drive and parts of Beaufort St have isolated flooding.

Traffic lights are out on the intersection of Great Eastern Highway and Stoneville Rd in Mundaring and at the junction of Kalamunda Rd and Gooseberry Hill Rd.

WA Bureau of Meteorology climate information officer John Relf says 23.2mm of rain has fallen overnight taking Perth much closer to the 177mm average with 147.8mm of rain recorded this month.

“We have exceeded last year’s June rainfall of 142mm,” he said.

Heavy rain has been reported from Collie to Walpole.

WA Water Corporation spokeswoman Clare Lugar says dams should have now started benefiting from the all rainfall.

“Up until Friday the streams hadn’t started to flow,” Ms Lugar said.  “But we are expecting it to have begun flowing over the weekend.” 

The wild weather is expected to ease up later tonight with fine weather forecast by Thursday.

Source  :   www.news.com.au

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