The property sector made headlines again this week with two announcements that will have an impact on many property owners.
On Tuesday, the Reserve Bank of Australia (RBA) announced a further increase in the cash rate by 0.25 basis points, bringing it to a 12-year high at 4.35 percent. This comes after five months of stability in the cash rate. With the banks immediately responding to the RBA’s decision passing on the increase in interest rates, the impact of this decision is likely to mean approximately an extra $80 per month on a $500,000 loan.
The obvious question is what is the likely impact on the Perth property market?
REIWA CEO Cath Hart said “While this is unwelcome news for mortgage holders, interest rates are only one factor that affect a property market and WA’s market is being supported by a range of factors, including population growth, a strong economy and low unemployment.” “Population growth is naturally boosting the demand for property, while the other factors support the ability to buy property,” she said.
While the Perth property market is likely to continue to show price resilience and strong competition due to the shortage of stock, the White House Team are starting to see a few homeowners who are feeling the pressure of increased interest rates, choosing to sell rather than hold. And for those homeowners who are choosing to sell, we are continuing to see healthy competition and strong results.
And on Wednesday, in response to the rental crisis (shortage of stock and an average 18 percent increase in rent over the past 12 months), the State Government announced new measures to regulate the short-stay accommodation industry and to incentivise owners to move from short-stay to the longer term rental market. The Cook government will offer a $10,000 incentive to homeowners who take their properties off Airbnb-type platforms and transfer them into the longer term rentals. To qualify, property owners must have offered short-term rentals over the last six months and provide a minimum 12-month lease to new long-term tenants. The payment is made in two parts, with $4,000 upon approval and $6,000 after 12 months. There will also be a state-wide register and a requirement for council planning approval for stays longer than 90 nights per year. This is the first time the state has introduced regulations for short-term accommodations.
It is not clear whether the $10,000 incentive will have a big impact, given the small number of short-term rentals in the housing market. Commerce Minister Sue Ellery believes that even if only 20 or 50 properties return to the rental market, it could make a significant difference.
If the impact of either of these announcements has got you thinking about selling, leasing or moving a short-term property into longer term rental, please reach out as we are here to help provide you with a market update on what we could likely achieve in today’s market for you either for sale or for rent and the best advice for your personal circumstances.
And, if you weren’t aware, in the lead up to Christmas when giving is front of mind, the White House Team has decided to partner with St Patrick’s Community Centre, a not-for-profit specialist homelessness support service to make a small impact this Christmas. Between 1st November and 17th December, for every home sold by White House Property Partners we will contribute $250 to the St Pat’s Christmas Appeal 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. Alternatively, you can donate directly to the St Pat’s Christmas Appeal by clicking here, or show your support by purchasing tickets to the Freo Long Table Dinner here.
THE LOCAL MARKET
A few weeks ago, we reported that there was a record 30 year low in the number of properties listed for sale. Well this week, we witnessed an even further decline, with 4,852 properties listed for sale at the week ending 5th November 2023. For context, this same period last year had 8,213 homes for a sale, which is 40.9 percent higher than what we are currently witnessing. The number of properties for sale comprises of 2,434 houses, 1,333 units and 1,085 blocks of land. A notable 18.5 percent increase in property sales was seen last week, with 1,167 sold.
With the record-low number of listings for sale, the demand for properties remains high. The White House Team has put four properties under offer this week, including one in Bicton, two in North Fremantle and one in South Fremantle.
The home at 52 Point Walter Road in beautiful Bicton went under offer prior to the closing date sale with multiple offers presented.
Life by the beach is always enticing at this time of year and that was definitely the case as buyers scrambled to secure properties in the seaside suburbs of North Fremantle and South Fremantle.
The north-facing beachside apartment at 508/15 Freeman Loop in North Fremantle went under offer this week to a young couple who are excited to experience the Leighton coastal lifestyle (where they coincidentally got married!)
The popularity of North Fremantle and a character cottage with the opportunity to renovate and extend combined to drive a very competitive multiple offers environment for 13 Higham Road, North Fremantle which went under offer after just five days on the market to a lovely local family who had missed out on several other local opportunities.
Please don’t hesitate to get in touch if you are thinking of selling or would simply like to discuss how we can help you with your property journey.
FRESH TO MARKET
We are delighted to have launched three new listings to the market this week in Fremantle and White Gum Valley.
FREMANTLE
Located on a compact 352sqm block, the 3 bedroom, 2 bathroom sanctuary at 13C Chalmers Street offers a stylish coastal vibe with soothing beach-inspired tones and abundant natural light. The easy-care gardens feature native trees and shrubs, creating a serene atmosphere. Whether you’re an investor, a first-time buyer, or an active family, this aspirational property is sure to appeal to you. Anticipating buyer interest From mid $900,000s, possibly higher with competition. Open to view for the first time this Saturday, 11th November 11:30-12pm
WHITE GUM VALLEY
Cool white-painted brick and iron ash timber combine to make a strikingly simple architectural statement at 118B Hope Street. It is all about flow, openness and light, with seamless interiors creating a restful atmosphere. In a quiet street in the valley close to Booyeembara Park, this is an opportunity to be part of an historic neighbourhood near the coast, without compromising on contemporary design and functionality. Anticipating buyer interest around the mid $1millions. Open to view this Saturday, 11th November 12-12:30pm
Rarely has so much thought, care, and consideration been shown to a singular family home. With attention given to every detail, the resulting effect displayed at 9 Mouquet Vista is a thoughtful design that will provide you with an effortless lifestyle for generations to come. There is no escaping the brilliance of this one-of-a-kind White Gum Valley home. Built with the ideals of a Passivhaus, this will be the ideal home for your family. Anticipating buyer interest in the low to mid $1millions. Open to view for the first time tomorrow, Saturday 11th November, 11-11:30am
WHAT’S NEW
FREMANTLE
Nestled peacefully on Holland Street, this enchanting rear block at 81A Holland Street presents a remarkable opportunity to create your dream home in an exceptional location, right in the heart of all the action. The block is North-facing, tucked away in a tranquil cul-de-sac, right behind a beautifully kept residence. The neighbourhood fosters a friendly and welcoming community spirit. Now priced From $479,000. Please contact Connie Handcock on 0411 115 147 for more information.
ROCKINGHAM
Look across the blue waters of Cockburn sound to Garden Island and beyond at 111 Rockingham Beach Road, a home designed by its current owners to celebrate its prime beachfront position. Stroll over for a swim, take the boat out, and enjoy the vibrant amenities of the multi-award-winning Rockingham Foreshore. What a blissful place to embrace the coastal life, with 180 degree views from Point Peron to Fremantle and the ocean always in view from the elevated indoor-outdoor spaces of this Webb & Brown-Neaves two-storey family home. All Offers Presented Tuesday 28th November at 3pm. Open Saturday 11th November 2:30-3:00pm and Sunday 12thNovember 1:00-1:30pm
AUCTIONS
SOUTH FREMANTLE – THIS SATURDAY, 11th NOVEMBER @9:30am
Imagine a serene cul-de-sac where at the end of the street, you have a walking path along the park to the beach. It’s the perfect place to enjoy all the joys of living by the ocean while quietly tucked away from the South Freo action. There you’ll find 14 Thomas Street, a classic early 20th century rendered brick and iron home with historic features intact. High ceilings, jarrah floors, double-hung sash windows and decorative glass elements all create a warm atmosphere. Minimal intervention over the years makes this a rare opportunity: offering liveability right now, and a blank slate to think about how to make the most of this precious beachside location. This property will be going to Auction on site tomorrow, Saturday 11th November at 9:30am. The property will be open to view prior to Auction, 9-9:30am . For more information ahead of the Auction or to register to bid please call Carlie Baker on 0407 771 553
DEPARTMENT OF PROPERTY MANAGEMENT
REIWA has reported that there were 1,739 properties available to rent in Perth at the end of last week, a 1.2 percent increase than the week prior. We are seeing a sustained low number of properties available to rent, with this figure only 1.4 percent lower than a year ago. Our property management team are receiving a large amount of the applications for rental properties, showing the high demand in the market currently. It is now a great time to consider leasing out your property so 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:
LEEMING
Welcome to 6 Clemros Way, an expansive single-level residence that offers generous living spaces and a versatile floor plan, catering to a variety of family dynamics, including multi-generational households. This character-filled home harmoniously blends modern living with a family-friendly atmosphere. The spacious layout, thoughtful design, and multi-generational living options make this property a rare gem. With its coveted location and easy access to essential amenities, this opportunity won’t last long. Act quickly and secure your new family haven! This 4 bedroom, 2 bathroom property is available for lease now for $850 per week, for a 12 month lease preferred.
THIS WEEKEND
If you are looking for something seaside out of area to do this weekend, the Rockingham Beach Cup is on this weekend in Rockingham and it’s going to be great! ….And while you are down there come down and see us at 111 Rockingham Beach Road which will be open Saturday 11th November 2:30-3pm and Sunday 12th November 1-1:30pm.
Tomorrow, Saturday 11th November marks Remembrance Day, an opportunity to acknowledge the dedicated Australian soldiers who lost their lives in all wars and conflicts. On the 11th hour of the 11th day of the 11th month, we hope you can pause for a moment of silence to honour those who have made sacrifices for us.
We hope to see you at our Auction at 14 Thomas Street, South Fremantle on Saturday 11th November at 9:30am or at one of our other many beautiful listings for sale or lease that we will be opening this weekend.
