THE LOCAL MARKET
With last weekend marking the end of school holidays, it’s no surprise to see the number of listings coming to market starting to increase again. REIWA is reporting that there were 3,228 properties for sale in Perth at 14 July, marking a 2.7 per cent increase from the previous week. This rise is broken down into a 0.4 per cent increase in house listings, a 3.2 per cent increase in unit listings, and a notable 12.4 per cent increase in vacant land listings.
Despite the week-on-week increase, the total number of properties available for sale is 0.8 per cent lower than four weeks ago and significantly 37.8 per cent lower than the same period last year. This persistent low availability of properties suggests a sustained tight market, which could continue upward pressure on prices in the coming months.
Last week, sales transactions in Perth experienced a notable decline, dropping by 26.2 per cent compared to the previous week. REIWA reported a total of 779 transactions, with house sales down by 8.3 per cent. We expect with school holidays behind us and we will see sales volumes increase again.
At White House, we are pleased to have placed THREE properties under offer this week.
Advisor & Negotiator, Connie Handcock, placed successfully negotiated two properties this week. 11 Porcelli Close, South Fremantle is now under offer, we are so happy for our sellers who will be moving to a stunning property locally. Last week’s newly listed 40 Fifth Avenue, Beaconsfield had tremendous market appeal and was hotly contested with eight offers in competition after just one week on the market. Our sellers are thrilled with the result achieved and the ability to move forward with their next home.
And newly listed 40A Samson Street also had strong market interest with three offers in competition and White Gum Valley’s Number 1 Agent, Louise Pope together with Catherine Fenna, successfully negotiated an outstanding result for her clients. Our buyers are thrilled to have secured their dream home!
THE RENTAL MARKET
The trend in a slight softening is continuing with REIWA reporting that there were 2,595 properties available for rent at 14 July, which is 0.1 per cent down from the previous week. Despite this minor dip, the current figure is 4.6 per cent higher than four weeks ago and 29.1 per cent higher than a year ago.
The significant increase in stock compared to this time last year suggests that while the rental market is loosening, with the market moving towards a more balanced state of 3,000 rental listings. Ongoing demand in the rental market may lead to sustained rental prices despite the increased availability.
REIWA members reported that 664 properties were leased last week, a 3.1 per cent increase from the previous week, though 3.2 per cent lower than four weeks ago and 3.8 per cent lower than a year ago.
If you have been considering leasing your property or would like to know more about leasing your property, please get in touch with Monique Malarowski on 0418 228 524 monique@whitehouseproperty.com.au or Veda Spence on 0499 171 457 veda@whitehouseproperty.com.au.
And if you’re a prospective tenant we have TWO new properties available for lease;
PALMYRA
Welcome to 211A Forrest Street, a wonderfully unique 3-bedroom rental in the heart of Palmyra! Fully furnished for your convenience, this home offers a perfect blend of comfort and style, and is located in a fantastic area, making it an ideal choice for your next residence. This property is available for lease now, for $1,100 per week, with a preferred 12-month lease. Applications accepted through 2Apply.
PALMYRA
This charming 2-bedroom, 1-bathroom unit at 7/26 Tamar Street offers a perfect blend of modern convenience and cozy living. The entire unit has been tastefully renovated, including the kitchen, bathroom, and laundry, ensuring a fresh and contemporary feel throughout. Don’t miss out on this fantastic rental opportunity in Palmyra! With its modern renovations, comfortable living spaces, and prime location, this unit is sure to impress. This property is available for lease soon, for $620 per week, with a preferred 12-month lease. Applications accepted through 2Apply.
