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3 February 2010
"On the Ground" Update
from Hegney Property Valuations South West
Cape-to-Cape Region
Lead by the 'premium holiday home market' and an oversupply of vacant residential lots situated in newer subdivisions, the Cape-to-Cape residential property market suffered a dramatic decline upon the onset of the Global Financial Crisis. In particular, the areas of Eagle Bay and Dunsborough/Quindalup saw values fall by as much as 40% from the 2007 market peak, particularly for vacant land.
However, the second half of 2009 saw investors return to the premium holiday home segment as buyers sensed that the Eagle Bay and Dunsborough/Quindalup market had 'bottomed out'. Transaction volumes rapidly increased with recent sales assessed to be within 10% of peak levels. This growth has had a flow on affect to other market segments within the South West region as buyers search further for a 'bargain'.
Values in the coastal hamlet of Yallingup were less adversely affected. Further south in Prevelly/Gnarabup and Gracetown, the market has been slower to recover with several properties listed for extended selling periods. Unlike Eagle Bay and Dunsborough/Quindalup, vendors within this location had been less willing to accept the downturn in the market and adjust their asking prices accordingly. The dramatic reduction in asking prices further to the north stimulated market activity and has subsequently assisted the improvement of that market as the 'bargains' have now been cleared.
Consequently, asking prices in Prevelly/Gnarabup and Gracetown are now up to 30% below market peak levels as vendors have adjusted their asking prices to 'meet the market'. Agents are reporting an increased interest and it is expected that the premium holiday home segment will gain further momentum as properties within Dunsborough/Quindalup become less affordable to a wider market. We therefore consider that activity and sales will increase in the central and southern areas of the South West capes region over the next 6 months as there are now good buying opportunities compared to the Dunsborough market which has already substantially recovered.
23 March 2009
"On the Ground" Update
by Damien Schifferli, Hegney Property Valuations South West
Busselton
After a quiet second half of 2008 and falling property values, the Busselton market has experienced some increase in sales activity. The majority of activity is in the bottom end of the market and in particular properties priced below $400,000. The market is being driven by first homebuyers and bargain hunters.
There is still a large oversupply of vacant land available for sale, particularly in the estates of Vasse Newtown and Provence. Attractive house and land packages are available in both estates in the $300,000 to $350,000 price bracket. The outlook is for property prices to continue to stabilise over the next 12 months in the lower end of the market and to continue to soften in the upper end of the market. There are good buying opportunities for duplex and triplex development sites close to town and the beach from $400,000 to $500,000.
Dunsborough
The top end of the market is still particularly weak and there have been few sales over the past 6 months as vendors have been slow to adjust their asking prices to reflect the current market conditions. Dunsborough has a high percentage of holiday homes which makes this town very sensitive to the current economic climate. Holiday homes are generally one of the first assets sold in an economic downturn and this has resulted in an oversupply of properties for sale.
Property values have fallen by 20% over the past 12 months. There is some activity in the market from cashed-up purchasers looking for quality housing at heavily discounted prices. The outlook for Dunsborough is for further softening, particularly over the winter months. There will be excellent buying opportunities in this town over the next 12 months for the astute buyer.
Hegney Property Valuations South West and Great Southern is an independent valuation practice, which is part of the larger Hegney Property Group. The present company was formed 2001 by the merger of Hegney Property Valuations South West, set up by Rod Davidson to service the expanding areas of the coastal South West region, and Blackwood Valuations located in Bridgetown, creating the present company Hegney Property Valuations South West & Great Southern.
Peter Reid founded Blackwood Valuations in 1988 and serviced the Blackwood locality, being Bridgetown, Manjimup, Nannup, Pemberton, Boyup Brook through to Donnybrook with outlying service areas of Narrogin, Katanning, Kojonup including the southern, eastern and Great Southern Wheatbelt districts.
In March 2003, Bunbury Valuation Services was integrated with Hegney Property Valuations South West & Great Southern. This increased Hegney’s presence and exposure to the Bunbury property market.
Hegney Property Valuations South West & Great Southern is headed by a main administration office located in Bunbury and two additional offices in Bridgetown and Margaret River. This representation enables wide coverage and local expertise combined with a cost effective structure.
There are 11 valuers on staff who live within the region and have expertise to cater for the varied property types throughout the south west.
The expertise covers areas such as:
q Broad acre farming throughout the south west and great southern
q Viticulture and wineries
q Englobo and subdivision land
q Specialised rural
q Commercial and industrial
q High end lifestyle and residential properties
q Tourist developments
q Family Court
q Finance valuations
q Property advisory/consultancy
The directors of Hegney Property Valuations South West & Great Southern comprise:
Ø Rod Davidson – Managing Director – 19 years experience within the valuation industry with knowledge in the area of large industrial, residential, commercial and viticulture valuations. Rod lives in Margaret River and mainly specialises in the coastal strip from Bunbury to Margaret River.
Ø Richard Graham – Director – 16 years valuation experience in all areas of property. His specific area of coverage are the Collie, Donnybrook and Great Southern regions of the state. Richard, formerly of Narrogin, has a strong familiarity with the Great Southern region and a comprehensive understanding of residential and commercial property values within these towns. Richard currently lives in Donnybrook.
Ø David Peter Reid – Director – Associate Member of the Australian Property Institute since March 1983 with vast expertise in rural broadacre farming valuations and country town residential valuations. Peter currently resides in Boyup Brook and is within close proximity to the Great Southern and lower South West region of the state to towns such as Narrogin, Wagin, Katanning, Bridgetown and Manjimup.
Contact details are as follows:
Administration Office – Bunbury
PO Box 2493
Suite 4 – 10 Victoria Street
Bunbury WA 6230
Ph 08 9792 5544
Fax 08 9792 5540
Email: admin@hegneysouthern.com.au
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