Buyer and seller activity remains steady in Kambah. Over the year to the end of July 119 properties sold across the suburb, annually increasing by 5.3 per cent, or six additional buyers. Kambah buyers are predominantly snapping up detached homes; this sector made up 84 per cent of sales over the year to date.
Seller activity grew by 1.5 per cent to 134 new properties listed for sale from January 1 to the end of July, but this is only two additional sale listings compared to last year.
Some positive news for Kambah residents is that prices are recording a steady gain annually. The median price for a detached home increased by 4.9 per cent over the year to $525,000, based on Allhomes’ sales data from January 1 to the end of July. The demand for detached homes is responsible for the increase in buyer activity across the suburb. This increase in demand has helped to push up prices.
The demand for townhouses and units has remained steady in Kambah. The suburb predominantly consists of detached homes so this is not a surprise, but it does buck the Territory trend as the demand for townhouses has grown. Because they comprise a smaller sector of the Kambah market, and with demand being steady, townhouse and unit prices have outperformed detached homes. The median price jumped by 6.1 per cent over the year to $393,000, based on Allhomes’ sales from January 1 to the end of July.
This year sellers are finding that properties have lingered on the market, as the rate to sale has grown. It could be an indication that current supply levels are more than adequately meeting the demand, which in turn has translated into properties taking longer to sell.
Properties in Kambah spent on average 61 days on the market, based on sales from January 1 to the end of July. The rate to sale is calculated by the average difference between the time a property was listed for sale and the time marked as sold on Allhomes. The average buyer has taken almost a week longer to purchase during the first seven months of 2016 compared to the same period last year.
Moving into the spring selling frenzy, historically low interest rates are likely to boost activity further across the suburb, which should help to drive down the time taken to sell.
Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays 9-10am.