THE LOCAL MARKET
As the Paris Olympics captivate many around the world, our local property markets are also showcasing remarkable performance. The Perth property market saw a notable 2 per cent increase in July, continuing its upward trajectory from last financial year’s impressive 19.1 per cent growth.
REIWA reports that Perth’s property growth is expected to remain robust, forecasting a rise in median sale prices from $720,000 to $740,000 by year-end—a potential annual increase exceeding 20 per cent. According to REIWA CEO Cath Hart, we can expect median unit prices to reach new highs by the end of this quarter due to population growth and ongoing constraints in the building industry.
Local Spotlight: White Gum Valley and East Fremantle
Looking at local performance in FY23/24, White Gum Valley was the stand out local performer, experiencing an incredible 21.5 per cent jump in median house prices from $930,000 to $1,130,000. Unit prices have seen some adjustments in the median unit price with more affordable options entering the market. White House Property Partners was thrilled to have achieved the top sale price and new suburb record in White Gum Valley with a settled sale at $1,700,000.
In East Fremantle, the housing market saw a 9.4 per cent rise in median house prices, reaching $1,662,500 up from $1,520,000, despite a slight dip in sales volume (fewer houses selling). The top settled sale price for a property in East Fremantle was $5,250,000. The unit market also flourished with a 10.5 per cent increase to $560,000, with the highest settled unit sale price coming in at $1,900,000. With more home owners looking to downsize to riverside apartments and units, we are seeing price growth at the higher end of the unit market in East Fremantle.
If you’d like to understand the price potential of your property in White Gum Valley or East Fremantle please reach out to these suburbs top selling agents. Contact White Gum Valley specialist Louise Pope at 0410 803 722 or louise@whitehouseproperty.com.au and East Fremantle specialist Stefanie Dobro at 0409 229 115 or stefanie@whitehouseproperty.com.au
Looking Ahead
With REIWA reporting that there 3,285 properties available to purchase, which is 37.5 per cent below the same time last year, Perth’s property market remains competitive as we approach the end of winter.
We’re optimistic about an increase in listings coming to market in the coming weeks, given the high volume of recent appraisals.
THE RENTAL MARKET
In the rental market, there were 2,507 properties available for rent, a decrease of 2.4 per cent from the previous week. This figure is 1.3 per cent higher than four weeks ago and 33.6 per cent higher than a year ago, reflecting an easing rental market. In saying this, competition for properties around and below the median rent of between $600-$650, remains strong.
REIWA is reporting reported 713 properties leased last week, an 11.8 per cent increase from the previous week. This figure is 3.1 per cent lower than four weeks ago but 8.7 per cent higher than a year ago.
The decrease in rental listings week-on-week, paired with a significant year-on-year increase, suggests that the rental market is softening a little with a steady increase in the supply of available properties.
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;
BICTON
Experience the best of riverside living in this stunning 3-bedroom, 2-bathroom home at 38 Blackwall Reach Parade. Available for lease, this home offers a perfect blend of comfort, style, and convenience. Located just across the road from the river, enjoy easy access to recreational activities, scenic spots, and local conveniences, making this home a perfect choice for a vibrant yet tranquil lifestyle! This property is available to lease soon, furnished but not equipped, for $1,250 per week, with a preferred 12-month lease. Applications accepted through 2Apply.
PERTH
1902/380 Murray Street is a wonderful one-bedroom residence ticks all the boxes! It’s an excellent choice for those seeking a modern, low-maintenance home with attractive amenities. Located just 300m from the city’s main train station, this apartment provides an ultra-convenient urban lifestyle with easy access to public transport, multiple shopping and dining choices in Perth City and Northbridge. This beautiful rental property is ready for you to make it your home. An absolute must-see! This property is available soon, for $750 per week, with a preferred 12 month lease. Applications accepted through 2Apply.
