Historically low stock levels in the City of Belmont
According to REIWA, listings in The City of Belmont have fallen to their lowest level in many years. With 197 properties listed for sale representing approximately 1.3%, the area has become a seller’s market. With the median price for the six suburbs – Belmont, Rivervale, Ascot, Cloverdale, Kewdale and Redcliffe – being lower than the Perth median and being only 4 to 9km from the CBD the area is growing in popularity particularly with First Home Buyers and investors. A large number of buyers are in the mining industry. The prices as well as the proximity to the airport has made this a hotzone for young FIFO buyers entering the market both as owner occupiers and as 1st time investors. Home open numbers are up and new listings are often seeing multiple offers at or before the first home open. Last week an older property on McLachlan Way Belmont asking $450000+ had 10 buyers view the VIP open before it hit the internet and sold with 2 offers for $475,000. This same property had been on the market exactly a year ago and could only attract offers at $430,000.