Highs and lows – prices, stock levels and days on market

November witnessed the median house price in Perth soaring to an unprecedented high, marking 17 consecutive months of price increases. Incredibly, house prices are up by 8.2 per cent this year according to REIWA.

There were 4,738 listings for sale at the end of November, which is below the 30 year record low seen at the end of September and a whopping 43.9 per cent lower than a year ago. The rapid pace of sales, which is a median of only eight days on the market in November, is keeping overall listings a lot lower than this time last year.

REIWA CEO Cath Hart states that “demand shows no sign of slowing.”  

And we are certainly witnessing buyer demand at White House, with four properties over the past week going under offer after receiving multiple offers after just one home open!

With limited listings expected to come to market in the last weeks of the year, we expect that there will be increasing pent up demand in 2024. 

If you’ve had any thoughts of selling or leasing or are gathering information to plan your next move in 2024, please reach out. We are currently listing properties for sale and lease in 2024.

As always, the White House Team are here to help provide you with the information you need to make the right decision for your personal circumstances, guide you through the selling or leasing process and keep you updated on the current market conditions.

SUPPORTING ST PAT’S

In the lead up to Christmas, the White House Team has decided to partner with St Patrick’s Community Centre to support their St Pat’s Christmas Appeal. Between 1st November and 17th December, we will contribute $250 to the St Pat’s Christmas Appeal for every home sold by White House Property Partners and for every property listed for sale or for rent during this period, White House Property Partners will provide a Christmas family hamper, valued at $100. So, if you’ve been considering selling or leasing your property, we warmly encourage you to contact our team. Together, we can help nurture a community where everyone has a place to call home.

THE LOCAL MARKET

We witnessed another low this week with 4,775 properties available for sale at the 3rd December, according to REIWA, marking a 3.1 per cent decline from the previous week. This decrease in listings can be attributed to a 3.5 per cent drop in house listings, a 1.1 per cent reduction in unit listings and 4.7 per cent decrease in land listings. The number of properties listed for sale is 1.6 per cent lower than four weeks ago and a significant 43.7 per cent lower compared to levels observed a year ago. Sales transactions also recorded a dip, with a reported 3.1 per cent reduction compared to the week prior.

Buyer demand for quality properties was on full display last week with the White House Team putting a total of five properties under offer over the past seven days. FOUR new listings under offer after just one home open, and one block of land, under offer this week, in Fremantle, South Perth and White Gum Valley.

Heritage properties in East Fremantle are still in strong demand with 25 Bedford Street, East Fremantle going under offer after just one home open! East Fremantle Specialist Stefanie Dobro said “very keen buyers – who had both missed out previously – submitted strong cash offers. We have a very excited buyer – as well as another local family who missed out again and are ready to act as soon as we find them another fantastic property! If you can help please get in touch.”

We were not surprised to see the beautifully presented, elevated 1950s classic at 279 High Street, Fremantle get snapped up after just THREE days on the market. Fremantle Specialist Connie Handcock said the property attracted multiple offers and was secured on Sunday by a lovely local couple.

Demand for quality homes in White Gum Valley continues with the beautiful home at 26 Lois Lane, White Gum Valley getting snapped up with a cash offer after the first home open last Saturday.

The perfectly positioned villa at 4/68 Coode Street, South Perth certainly didn’t last long. This property went to market last Thursday with a single home open on Saturday, and was quickly snapped up on Sunday with a cash offer!

Blocks of land have a narrower target market than many established homes and it sometimes takes a little longer to find the right buyer. This was the case at 81A Holland Street, Fremantle. Despite being on the market for some time, buyers found themselves in competition with multiple offers presented. This result confirms what we have been noticing with buyers who are wishing to build returning to the market in search of the perfect block of land.

If you’ve had any thoughts of selling or leasing or are gathering information to plan your next move in 2024, please reach out. We are here to help provide you with the information you need to make the right decision for your personal circumstances.

FRESH TO MARKET

As we race toward the 2023 finish line, we are delighted to have launched SIX new listings to the market this week, including one in East Fremantle, one in Fremantle, one in Kardinya, one in North Coogee, one in South Fremantle and one in Perth.

EAST FREMANTLE

Nestled on a generous 1,151sqm block, the exquisite heritage property at 21 Allen Street exudes timeless elegance. The allure of yesteryear is immediately evident in the period features of tuckpointed brickwork, heritage windows, and a graceful bullnose veranda that adorns the exterior. Step inside, and the magic continues with soaring ceilings, intricate period cornices, and original jarrah floors. Located on a tree-lined street, this residence is within walking distance of local parks, the George Street lifestyle strip, amenities, and excellent schools. Anticipating buyer interest towards the mid $2,000,000s. Open to view Saturday 9th December 11-11:30am

FREMANTLE

Just minutes from the centre of Fremantle, easy access to transport, a short drive to the beach and set in a leafy street setting the scene for Forrest Grove. The two-bedroom, one-bathroom brick-and-tile villa at 11/93-95 Forrest Street is perfect for someone looking for low-maintenance and a secluded feel without missing out on space. The rear courtyard is spacious and has pedestrian access to Forrest street and is only a quick stroll out to enjoying a coffee at the local 9 Seeds Café. Anticipating buyer interest in the high $400,000s. Open to view Saturday 9th December 9-9:30am

KARDINYA

The three-bedroom, two-bathroom home at 19 Passey Place, set on an elevated 712sqm corner block offers a Californian inspired aesthetic in a quiet cul-de-sac pocket in Kardinya. Wide verges surround the home with plenty of off street parking under the double car port as well as ample space for a boat, caravan or trailer, with a powered workshop tucked into the corner. Inside, the open plan kitchen, dining and lounge overlook the below ground crystal blue swimming pool through the expansive windows. This property is perfect for families, investors or those desiring a home they can enjoy each day. Anticipating buyer interest From $799,000. Open to view Saturday 9th December 11-11:30am

NORTH COOGEE

Perched on the second floor of the boutique development “Mika,” crafted by the acclaimed architects Cameron Chisholm Nicol, the two-bedroom apartment at 22/22 Heirisson Way maximises the picturesque views of the park and ocean in this highly sought-after beachside locale. Ideal for various buyers, including professional couples, downsizers, or investors, this residence offers the perfect lock-and-leave coastal lifestyle. Anticipating buyer interest From $700,000. Open to view Saturday 9th December 9-9:30am

PERTH

The modern double-storey apartment at 143/250 Beaufort Street is the perfect synergy of urban, inner-city living with sanctuary-like appeal and access to a melting pot of vibrant attractions. Located within the iconic Beaufort Central apartment development, this secure, lock-and-leave haven has exclusive access to onsite facilities inclusive of a professional lap pool, several spas, a swimming pool, gymnasium and communal barbecue areas, while indoors, a sunny open-plan interior provides the ideal setting to retreat from city life. Generous balconies and a private master suite maximise its top floor location. Anticipating buyer interest From $600,000. Please contact Carlie Baker on 0407 771 553 for more information or to organise a time to view.

AUCTIONS

SOUTH FREMANTLE – THIS SATURDAY, 9th DECEMBER @ 10AM ONSITE

An 1890s classic facing a park near the ocean is a rare thing, and an inspired transformation by one of Perth’s most celebrated architects makes it truly exceptional. Filled with light and embracing solar passive principles, 58 Chester Street’s historic elements of stone and jarrah are incorporated into flowing contemporary spaces. You can stroll down to the South Freo action, with its fine bakeries, restaurants, bars and shopping, and retreat to the quiet inspiration of this remarkable home. Anticipating buyer interest From $2million. This property will be going to Auction on Saturday 9th December at 10am onsite. Open to view prior to Auction, 9:30-10am

DEPARTMENT OF PROPERTY MANAGEMENT

There were 1,930 properties available for rent in Perth last week, marking a 2.6 per cent decrease from the previous week. This number is 11 per cent higher than four weeks ago and 2.8 per cent higher than the corresponding period last year. REIWA members reported a total of 653 properties leased last week which is a 7.2 per cent increase from the previous week. Our property management team is always available to discuss how we can rent out your property in the current market. Please don’t hesitate to contact Monique Malarowski on 0418 228 524 monique@whitehouseproperty.com.au or Veda Spence on 0499 171 457 veda@whitehouseproperty.com.au if we can assist you in any way.

And if you’re a prospective tenant, we have several opportunities available for you including the following:

COOGEE

Welcome to 21 Manarola Loop, a haven of comfort and style, right in the heart of picturesque Coogee. This exquisite three-bedroom, two-bathroom, two-car garage house is a sanctuary designed for those who appreciate the finer things in life. The property features three large bedrooms, fit with ceiling fans, to provide you a space to rest and rejuvenate. Additionally, the master bedroom has a modern ensuite offering both convenience and a touch of elegance. The well designed large open kitchen, living and dining area provides a perfect opportunity for entertaining. The white and bright kitchen provides ample counter and storage space. In addition, the property features quality oven, stovetop and dishwasher. This property is available for lease from 3rd January for a minimum 12 month lease preferred. The property is to be leased for $825 per week, and a dishwasher is included.

COTTESLOE

Step into your dream coastal lifestyle at 261 Marmion Street, an exceptional home nestled just moments away from the beach, vibrant cafés, shops, convenient train access and renowned private schools. Elevated and set back behind mature landscaped gardens, character charm takes centre stage in the refreshed 1920s white weatherboard cottage featuring polished floorboards, soaring ceilings and fresh white interiors. Offering four spacious bedrooms, formal and informal dining areas, and generous living spaces, the home invites relaxed seaside living. The former tennis court has been transformed into a sprawling garden, creating an idyllic space for children to play and enjoy during the day and the perfect location for intimate gatherings with friends. The property is available for lease now, for $1,400 per week rent. An initial 6 month tenancy is preferred.

NORTH COOGEE

Explore the delightful one-bedroom apartment located at 21/77 Orsino Boulevard, in the prestigious Port Coogee Estate. Enjoy a hassle-free lifestyle in this exclusive community, just a brief stroll from the immaculate sandy beaches, picturesque boardwalk, coastal trails, and within walking distance to Coogee Boathouse Eats & Sips and Dome Cafe. Additionally, it’s conveniently close to shops and public transport facilities. This apartment is available for a 12-month lease starting from 18th December. The apartment is to be leased for $600 per week, fully-furnished however not equipped.

THIS WEEKEND