North Beach property tests property market

THIS North Beach property could confirm whether Perth’s struggling real estate market has turned the corner. 

Real estate experts say that during the height of WA’s property boom the 1346sqm ocean-front house on West Coast Drive would have fetched more than $5 million.

It is for auction on Saturday and the selling price will be a strong indication of whether property prices, especially for top-end homes, have started to recover.

Nexus sales consultant Peter Berridge, who specialises in the North Beach area, said the property would have been highly sought after during the 2006-07 housing boom.

“It’s a nice elevated lot, with a nice frontage. It’s got everything going for it,” Mr Berridge said.

“I don’t think it would be an over-exaggeration to think it might have sold for in excess of $5 million (back then). We were going through an era where it didn’t seem to matter what you paid for it, you were always going to make a packet until the proverbial hit the fan.”

Mr Berridge said he believed values had dropped about 40 per cent since the property peak.

“The last sale was 341 West Coast Drive in Trigg that sold for $2.2 million and it was a very choice piece of land _ something like that could have possibly pulled $4 million in 2007 and I can mention lesser blocks that sold for more than $4 million,” he said.

According to Landgate, North Beach has enjoyed solid property value growth in the past decade.
It recorded a 19.4 per cent average annual growth rate in the 10 years to December 2008. It also recorded strong growth last year and was among the Perth metropolitan area’s Top 10 performing suburbs, with a 17.7 per cent jump in median house prices.

But during this period it recorded a low volume of sales activity, with just 19 homes sold.
This could have skewered the statistics.

“There’s no doubt that the market for premium coastal property has come back since the height of 2007,” Real Estate Institute of WA president Rob Druitt said.

“Indications are that the first signs of recovery are starting to come through now, so there’s certainly a unique opportunity for buyers who are (looking) in that market,” he said.

Mr Druitt said it has been a bottom-up recovery, so if the top end was reasonably priced and sold, it could give a good indication that Perth’s entire property market had seen the worst.

Source  :  www.news.com.au

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Perth resort restaurant named and shamed

A Swan Valley tourist resort is the latest outlet to be named and shamed on WA’s ever-growing filthy restaurant register.

The Swan Valley Oasis Restaurant and Function Centre at Henley Brook is the 46th eatery to be so exposed on the ‘Notifications of Convictions’ list published by the the WA Health Department.

As revealed first on WAtoday, the venue was fined $8,750, and ordered to pay $1571.70 in costs, for hygiene breaches including:               

– allowing vermin into the restaurant;
– exposing food to possible contamination; and
– failing to ensure the premises and appliances were clean.

The restaurant is part of the Swan Valley Oasis Resort, which also boasts a golf course and boutique brewery.

The eatery serves breakfast, lunch and dinner seven days a week, and is a popular wedding reception venue.

Testimonials on the venue’s website include one from Helen, of Hong Kong.

“Clean, relaxed and family-friendly – really pleased to have found a nice, reasonably-priced place to stay before heading out of Perth,” Helen wrote.

According to the website, Rebecca, of Paynes Find, was “pleasantly surprised by the quality of the meals and service”.  Samantha, of Albany, found the venue “very clean and neat” and said she would “definitely be back”.

Since September 2006, the 46 prosecuted food outlets have together been fined in excess of $170,000.

However, this might only be the thin edge of the potato wedge, because it is not compulsory for local authorities to report breaches to the government.

Hence, only hygiene breaches in 11 of WA’s 139 local authorities appear on the government’s dirt list.

After WAtoday.com.au exposed the initial 41 list inductees in January, Health Minister Kim Hames rejected a call by consumer group Choice to post hygiene ratings on restaurant doors.

Mr Hames said that hygeine breaches from every local council would be added to the list when mandatory reporting was introduced under a new Food Act that is being drafted.

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