Two-bedroom property sold just SIX hours after being listed thanks to Instagram – while Sydney home prices are on the rise at $ 1,156 a DAY
- A house in Perth sold within hours of being shared on Instagram
- The purchase was completely unseen and the buyer did not view the property
- The Perth real estate market has skyrocketed in the wake of the Covid pandemic
A two-bedroom house promoted on Instagram sold just six hours after it went up for sale.
The real estate in Scarborough, in northwestern Perth, was shared on the app by Daniel Caccamo, Davey Real Estate on Thursday, March 11 at 3pm, after an ad was posted on his Scarborough Local page at approximately 2pm.
Within an hour of posting the Instagram story, he received a direct message from an eager buyer’s friend.
A two-bedroom house for sale on Instagram sold in just six hours. Pictured: Davey Real Estate Agent Daniel Caccamo
“ I got a direct message on Instagram about the property at 4pm from someone looking for a friend of theirs, I contacted the buyer at 4:10 pm and forwarded the bid and acceptance contract at 5pm, ” said he. Perth now
“I received the contract back at 6 p.m. and we signed the offer at 8 p.m.”
The purchase was completely unseen and the investor never got into the property before buying it.
The last time the property changed hands was in 2017 for $ 385,000.
This time around, the selling price of the well-presented home at 1/31 Joyce Street was not revealed, but Mr Caccamo said it exceeded the seller’s ‘wildest dreams’.
The Perth real estate industry is booming in the wake of the coronavirus, with exceptionally fast sales becoming more common in the Stirling Times area.
Mandy Bizzaca, Peard Real Estate sales associate, said a Gwelup property received as many as 11 listings during a 45-minute viewing.
Within an hour of posting the Instagram story, he received a direct message from the friend, an avid buyer. Pictured: The living room of the two bedroom house
Perth was the second worst performing state or the territory’s capital and house prices last year falling below the 2014 peak.
Despite this, SQM Research expects property prices in the Western Australian capital to rise by 15 percent this year.
That’s based on a sunny scenario in which the rollout of the Covid vaccine in the first half of 2021 went better than expected, employment boomed as JobKeeper’s wage subsidies were phased out and state borders ended.
QM Research director Louis Christopher said higher prices for iron ore, the raw material used to make steel, meant that Perth would benefit more economically this year than any other capital city market.
The purchase was completely unseen and the investor did not get into the property before buying it. Pictured: One of the property’s bedrooms
“The Perth economy is generally more resistant to the coronavirus than other capitals,” his report said.
Perth also has a tight rental vacancy rate of just 0.9 percent, which Mr Christopher said would contribute to the rise in house prices even if it didn’t in 2020.
“It was a bit surprising to see such a rise in rents and yet it hasn’t turned well into another housing boom,” said SQM Research.
“Given the sign of no vacancy, it is likely that we will see an accelerated rise in house prices as frustrated tenants turn to buyers.”
In 2020, property prices in Perth rose just two percent, with median home prices increasing to $ 490,810, CoreLogic data showed, but a 15 percent increase would take the value to $ 564,431.
It’s because the latest CoreLogic data revealed that Sydney home prices will be up 4 percent – averaging $ 35,940 or $ 1,156 per day in March. Prices in Melbourne are also up significantly by 3 percent – averaging $ 21,150 or $ 682 per day, according to the Commonwealth Bank.
It will be the largest monthly rise in property values since the 1980s, due to low interest rates, The Australian reported.