March 15, 2016
Morley is a relatively large suburb of some 20,000 to 21,000 people, based on the information we can see on CoreLogic. Approximately 70% of the homes are owner occupied, which gives it a higher density of renters/investment property owners than our home suburb of Kingsley. Most of property occupants tend to be couples with children (in fact, 0-14 years is the predominant age group), and owner occupiers are likely to be repaying $1,800 to $2,400 a month on mortgage repayments.
The median house price in January 2016 was $605,000, which is up from $590,000 12 months prior. January last year, however, was itself a peak in a financial year that saw the median sale price in any month range as low as $536,000.
In 2015, 301 houses were sold in Morley, with about half of those being in the $500,000 to $600,000 range. The number of sales is roughly 24% down on the 398 sales of 2014, and 34% down on the 458 sales of 2013 (which was the peak of recent years in terms of sale volume).
Our recent observations are that this is probably turning around in 2016, with a great resurgence of interest in purchasing owner occupied property.
When compared with the last six months, January's price looks to be representative of this trend. If this is the case, then increasing demand means sellers have probably been able to achieve better prices than they were late last year.
If you would like us to look up a specific property and give you its stats as well as recent sales history of houses with similar specs (number of bedrooms, bathrooms, car spaces, land area etc), call me on 9309 4780 and let us know the address you're looking at and we'll send you a FREE CoreLogic (RPData) report.