Did you know, many suburbs have a “dead price bracket” - a certain price range where there is limited or no stock available.
Miles Garner from Realmark Urban recently conducted research for a buyer he was working with who was struggling to find a property in Mount Hawthorn at their budget of $1,400,000.
His researched revealed that the price range they were looking in was in fact a dead price bracket.
The data showed that in last six months there had been approximately 68 sales in Mount Hawthorn.
From those sales only three occurred between $1,300,000 to $1,400,000 with no sales occurring between $1,400,000 to $1,500,000.
Mr Garner said the typical land size in Mount Hawthorn is approximately 491 square meters and that properties on this block size that haven’t been modernised tend to go for between $1,000,000 - $1,200,000.
“However, those that have been renovated in the past 20 years tend to go for north of $1,600,000,” he said.
“This results in a limited number of listings between $1,300,00 - $1,500,000 causing a dead price bracket.
“If a property does fall into a dead price bracket, it’s usually due to the house being on a busier street, having less land or outdated renovations.”
However, Mr Garner said it's not all bad news, and he has advice for buyers who may be facing this challenge in their desired location.
“If you discover that you are searching in a dead price bracket, I advise you to increase your budget if possible or explore neighbouring suburbs to see if it opens more opportunities.
“However, if your goal is to get into a particular suburb and your budget is not adjustable, you need to understand what you’re willing to compromise on, whether it be a busier street or smaller section.
“This research gave my buyer an understanding of why they were struggling to find a home that matches their criteria and enabled us to work together to find a solution for them.
“If you’re struggling to find a property in a particular suburb and would like to see a breakdown of the data to see if you are searching in a dead price bracket please get in touch, and I will put together the resources for you.”
To connect with Miles Garner or to learn more about how Realmark Urban can assist your needs get in touch on 9388 3911.