We’ve been reporting for the past twelve months about the continuous shortage of stock, so it’s interesting to see REIWA’s latest press release. The preliminary volume of properties that came to market, sold, and settled in the last financial year (FY) was 54,307, just 3.9 per cent lower than the sales volume in FY 2022-23 (FY23). Despite REIWA’s Weekly Market Snapshot showing that the number of properties for sale at any one time was up to 40 per cent lower than the previous year, significant numbers of properties still came to market each week; they simply sold much more quickly than before. This is reflected in the average days on market, sitting as low as 8 days for a property to sell.
Equally interesting is that the total combined value of properties sold (houses, units, and land) was $39.5 billion in FY2023-24 (FY24), 13.2 per cent higher than the previous year despite fewer sales. Fewer houses were selling and for more money.
Locally, the suburb of Fremantle has performed exceptionally well in FY24 with buyers recognising the lifestyle opportunities and significant infrastructure investment that is going into the Port City.
The median house price in Fremantle grew from $1,000,000 in FY23 to $1,190,000 in FY24, marking a whopping 19 per cent increase. This growth is a reflection of strong demand and competition, with more buyers competing for properties and pushing prices up locally.
REIWA is reporting that the number of house sales decreased slightly from 103 to 101, but the higher median price shows increased competition among buyers for the limited number of homes available to purchase at any one time..
REIWA is reporting that the median price for units in Fremantle fell from $550,000 to $510,000, a 7.3 per cent decrease, reflecting an increased supply of lower value units. The number of units sold decreased from 209 to 177, with more owners holding on to their units, many taking advantage of the higher rental yields.
Fremantle offers limited opportunities for land sales and this is reflected in just two land sales over the past 12 months in Fremantle.
Despite the reported median price drop in units, there is increasing demand for high-value units in Fremantle. Indeed, the top residential settled sale price in Fremantle of $4,000,000 was a luxury warehouse conversion. Fremantle Specialist Connie Handcock and White House Director Stefanie Dobro were pleased to have achieved both the highest ($4,000,000) and the third highest ($2,000,000) residential unit sale prices in Fremantle in FY24.
Over the course of FY24, White House Property Partners has continued to established itself as the leading agency for the sale of premium properties in Fremantle. Connie Handcock and Stefanie Dobro were pleased to have been appointed to handle the sale of Fremantle’s highest residential settled sale price in FY24 at $4,000,000 and indeed, they were the agents who handled three of the top five highest residential value sales in Fremantle in FY24. (*RPData 18/07/2024)
If you are curious about how your suburb has performed in the past financial year, or indeed curious to know what we might be able to achieve for your property in the current market, please reach out for a confidential discussion.
