Evolving buyer preferences
As you are probably aware, the Perth property market has continued to evolve over the past year with a significant drop in the number of properties available to purchase, increasing house prices and rents and the number of days on market for a property to sell.
Over the same period, we have noticed that buyer preferences are also changing, something backed up by recent research from realestate.com.au. Their data, which was collected through website searches, reveal what buyers across Australia want when searching for a new home.
Realestate.com.au suggest that these shifts have been impacted by events in recent years, the pandemic and mortgage rate increases, which has put a squeeze on household budgets.
What was interesting to note in their data, was the surge in searches for ‘duplex’, which increased by a significant 37 percent in WA. This surpassed many other keywords, signalling a growing interest in versatile living arrangements, such as multigenerational households or living in one home and renting out the other, possibly to generate another source of income.
The search for ‘granny flats’ also rose in all states. Western Australia is one of only a few states that allows granny flats to be leased on the rental market, meaning homeowners have the flexibility to either rent it out or to house other family members like grandparents.
Swimming pools are still the number one feature home buyers searched for. Conversely, balconies took out the top place for apartment seekers, emphasising the importance of open spaces in vertical living. And unsurprisingly, ‘garage’ emerged as the second most-searched keyword nationally. Air conditioning, built-in wardrobes, and ensuites were also among the list of most searched terms.
It is clear that the way buyers envision their dream homes is constantly changing. But that’s not to say that for a property to sell it needs one or all of these features. In fact, we are currently witnessing demand for properties with only some or none of these features. For example, many downsizers specifically want a home without a pool.
It can certainly be useful to have an understanding of what buyers are searching for online right now, and speaking with someone who is a local real estate expert in your local area can be even more insightful.
Our White House Team are experts in relation to the current market trends locally as well as more broadly and would be happy to have a conversation with you about any of your real estate questions.
Please feel free to reach out for a confidential conversation. As always, we would love to help.
SUPPORTING ST PAT’S
Saturday night marks the St Patrick’s Community Support Centre, a not-for-profit specialist homelessness support services’, biggest fundraising event and one of the best nights on the Fremantle events calendar – the Freo Long Table Dinner. This year White House Property Partners are delighted to be amongst the sponsors of this important fundraising event. If you’d like to find out more please click here.
In addition, 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 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
There were 4,921 properties for sale in Perth for the week ending 20th November, which was only 0.4 percent higher than the week prior. REIWA is reporting that this figure includes 2,549 houses, 1,319 units and 1,053 blocks of land. The total number of properties available for sale is 1.8 percent lower than four weeks ago and a significant 49.2 percent decline compared to levels seen a year ago. Sales transactions in Perth experienced a 5.4 percent decrease compared to the previous week, totalling 949 transactions.
Despite this reported decline in sales transactions, there are certainly still eager buyers out there willing to secure a property before Christmas. The remarkable home at 113A Watkins Street in White Gum Valley went under offer this week after receiving FOUR offers after just 7 days on the market and had 68 groups through the home opens over the weekend!
Please reach out if you’re considering selling or simply would like a current market opinion of your property.
FRESH TO MARKET
We are delighted to have launched three new listings to the market this week, one in Bicton and two in South Fremantle.
BICTON
What a wonderful place to live – above the wide curves of the Swan in a luxury home where effortless indoor-outdoor flow makes the most of the water views. In a peaceful, exclusive enclave steps away from the shore, 26A Blackwall Reach Parade is made for relaxation and entertaining. Set behind manicured gardens, the home opens to a double-height lobby and the airy, transparent atmosphere that makes it all feel so light and open. Anticipating buyer interesting in the high $3millions, possibly more. Open to view tomorrow, Saturday 25th November 11:15-11:45am and Sunday, 26th November 11:15-11:45am
SOUTH FREMANTLE
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. Open to view for the first time tomorrow, Saturday 25th November 10-10:30am
Walk down a parkside path, and set amongst native trees you’ll discover 8D Keeling Way, a perfectly secluded townhouse. It is so peaceful, but all the South Beach action is just a few minutes’ walk away. Coffee, dining, shopping, swimming, cycling – all the attractions of the coastal life, among the parks, public art and winding paths of this lovely neighbourhood. Anticipating buyer interest in the mid $1millions. Open to view for the first time tomorrow, Saturday 25th November 9-9:30am
WHAT’S NEW
FREMANTLE
Built in 1898, this unique two bedroom one bathroom residence with secure parking at 2/8 Collie Street is the ideal home – right in the heart of central Fremantle, opposite the beautiful Esplanade Park and within footsteps of glorious Bathers Beach, the Fishing Boat Harbour and so much more. This property will now be going to Auction on Saturday, 16th December 2023 at 1:30pm
DEPARTMENT OF PROPERTY MANAGEMENT
There were 1,904 properties available for rent last week as reported by REIWA. This is a 4.4 percent increase from the previous week, 11.5 percent higher than four weeks ago and a four percent increase compared to a year ago. This figure still remains remarkably low, meaning there is very high demand for rental properties currently.
Our property management team has witnessed a surge in attendance at home opens, with a substantial number of people expressing interest. Last week, a single home open attracted 58 groups, resulting in an incredible 20 applications for the property. 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:
EAST FREMANTLE
From the moment you arrive at 8 Hubble Street you are greeted with Swan River views from the immaculate fully enclosed and wrap around wooden veranda. Internally this home offers a mixture of the loved character home as well as a renovated extension with modern open plan living. This three-bedroom, two-bathroom, two-car property is available for lease from 30th November 2023 for $1,100 per week.
FREMANTLE
Introducing 30/13 Cantonment Street, an exclusive New York-style loft apartment, nestled within the sought-after Woodson’s Apartment building, a beautifully transformed warehouse in the heart of central Fremantle. As daylight transitions to dusk, the vibrant local scene comes alive, offering a plethora of cafes, restaurants, and bars right at your doorstep. The master bedroom, boasting high ceilings and built-in robes, opens to a private gallery-style terrace. This one-bedroom, one-bathroom, one-car property is available for lease from 24th November 2023 (negotiable) for $575 per week. A minimum 12-month lease is preferred.
HAMILTON HILL
Step inside to experience the ambiance of a holiday retreat at 13/12 Boyd Crescent. Unwind on the private rooftop bar, where you can savour ever-changing, breathtaking sunsets with a leisurely drink. Nestled in a Santorini-style complex on the border of South Fremantle and North Coogee, this home is conveniently within walking distance of beaches, local cafes, and the diverse eateries along South Fremantle’s popular South Terrace. The keyless front door opens into a foyer leading to a bathroom and the third bedroom, intelligently designed to serve as a home office with its own entry. This three-bed, two-bath property is available for lease now for $1,100 for a minimum 12 month tenancy.
NORTH COOGEE
Summer has arrived, and the coastal oasis at 26 Mewstone Crescent awaits your family! Embrace the coastal lifestyle with this beautifully appointed family home just a stroll away from the ocean. Picture your mornings with coffee at the South Beach cafe, followed by a refreshing dip in the sea. This three-level home is designed for effortless family living and entertaining. With three spacious living areas, including room for a generous games room, a well-equipped kitchen, and north-facing open-plan spaces, you’ll find comfort and versatility. Enjoy the abundance of natural light, elegant hardwood floors, and a tranquil setting with no rear neighbours, creating a perfect coastal retreat. This four-bed, three-bath, two car property is available for lease now for a minimum 12 month tenancy. The property is to be leased for $1,350 per week.
THIS WEEKEND
The White House Team will be attending the Freo Long Table Dinner this Saturday night, in support of St Pat’s Community Support Centre. We look forward to sharing a night of excellent food and entertainment with many of you, all for a great cause. If you can’t make it to this fantastic event, there is still time to donate to the St Pats Christmas Appeal here!
