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GST may drive home sales

THE impact of a goods and service tax on property prices may be part of a driving force behind the increased levels of residential property sales, especially in the luxury bracket.

A report by the Real Estate Institute of WA said while sales in February were broadly based, covering most of the metropolitan area, sales in the luxury market were particularly strong.

“There were 14 property sales above $1 million during the month, compared to only five equivalent sales during the same month last year,” REIWA president Neville Fox said. “The most number of million dollar sales in February occurred in Claremont.”

Disparity in housing growth values also continues to be vast, with the inner and western suburbs of Perth experiencing strong levels of increase, according to real estate agent Herron Todd White director Garrick Smith.

He said evidence of this has been shown with the sale of 140 Victoria Avenue, Dalkeith for $6.8 million — an executive residence that had Swan River foreshore frontage — and 6 Wingfield Avenue, Crawley for $2.12 million — comprising a two-storey luxury home on a site with an area of 1,462 square metres.

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