Slight increase in listings...More growth forecast for 2024

In the wake of strong price growth and a fast-paced real estate market in 2023, the Real Estate Institute of Western Australia (REIWA) is forecasting that there is nothing to suggest that this growth doesn’t continue in 2024.

According to REIWA’s projections, the outlook for Perth’s housing market in 2024 is particularly optimistic for sellers, with an expected house price growth of 10 percent. REIWA CEO Cath Hart commented that the market in 2024 will be influenced by more than just robust population growth; with building completions and the broader economic landscape in WA also being key drivers.

Perth is poised for another intriguing year in real estate, and we are committed to keeping you informed with the latest updates. The White House Team is well-versed in the current real estate market, so feel free to reach out at any time—we love to help.

THE LOCAL MARKET

As we move through January and people return from holidays and move back to work, as expected we are starting to see a slight increase in the number of listings available for sale.

REIWA is reporting there were 3,792 properties for sale, which is a 4.4 percent increase from the week prior, for the week ending 14th January 2024. This is 15 percent lower than numbers seen four weeks ago and 47.3 percent lower than this time last year. The total number of properties for sale includes 1,941 houses, 1,058 units and 793 blocks of land. Property sales saw 45.9 percent increase to 626 compared to last week, but remain lower than last year, with this week’s figures 9.7 percent lower than the number of sales seen 52 weeks ago.

The White House Team have put two properties under offer this week, both in Fremantle.

The New York warehouse-style apartment at 28/13 Cantonment Street in Fremantle spent a short one week on the market! Multiple offers were received for this property and was secured by a lovely young couple who are eager to move in and experience the Fremantle lifestyle!

7/8 Josephson Street in Fremantle also didn’t last very long! After launching to market last Friday evening and having a busy first home open on Monday night, it was secured by a cash buyer on Wednesday!

FRESH TO MARKET

We are delighted to have launched six new listings to the market this week. One of these properties has since sold so we are delighted to write about five of our new listings this week, including two in Beaconsfield, one in Mosman Park, one in Perth and one in White Gum Valley.

BEACONSFIELD

Tranquilly nestled within a few minutes of both South Fremantle and the heart of old Fremantle town, the character-laden three-bedroom one bathroom home at 145 Solomon Street sits pretty on a spacious development block that enjoys beautiful ocean views at the rear, as a result of its splendid elevation. Painted white timber floors grace a spacious front master bedroom, as well as a separate second bedroom that looks out to the front yard and captures all of the natural morning sunlight. Anticipating buyer interest in the low to mid $1millions. Open to view Saturday 20th January 10-10:30am

A tranquil and elevated cul-de-sac location opposite the lovely Lucia Atlas Park is the fitting setting for the rather unique three bedroom two bathroom two-storey limestone home at 24 Moran Court, that seamlessly blends sustainability with charm and sits on a square 631sqm (approx.) block with breathtaking ocean views to Garden Island – and a spectacular north, south, east and west aspect to savour.Anticipating buyer interest in the low to mid $1millions. Open to view Saturday 20th Janurary 11-11:30am

MOSMAN PARK

Set behind a private wall and security gate is the quintessential weatherboard beauty at 11 Fairlight Street. An Australian classic built to suit the WA climate, this home is perfectly positioned between the river on one side and the ocean even closer on the other. Once you step inside, you won’t want to leave. Everything about this property says “welcome home”.Anticipating buyer interest starting in the $1,400,000s, possibly more. Open to view Saturday 20th January 12-12:30pm

PERTH

Experience elevated living and indulge in urban luxury in this top-floor haven at 40/262 Lord Street, featuring three bedrooms and two bathrooms. Perched on top of the coveted Ecco Apartment complex, this residence is enhanced with recent upgrades, including new timber-look flooring and a fresh coat of white paint. Anticipating buyer interest From mid $600,000. Open to view Saturday 20th January 1:30-2pm

WHITE GUM VALLEY

The solid three bedroom one bathroom double-brick-and-tile home at 4 Pitts Lane, is as charming as they come and occupies a tranquil laneway location, right in the heart of beautiful White Gum Valley. At the rear, explore the captivating charm of the spacious backyard, perfect for those seeking a private sanctuary. It is a blank canvas for your gardening aspirations! Anticipating buyer interest in the high $700,000s, possibly higher with competition. Open to view Saturday 20th January 9-9:30am

WHATS NEW

EAST FREMANTLE

Beautifully designed formal gardens and a series of serene courtyard spaces frame the European-inspired interiors of the exceptional 3/72 Preston Point Road. Secluded up on the hill, complete privacy combines with wide open river vistas over to Rottnest on the horizon. Natural stone, marble, fine timber and the soft colours of luxurious paint finishes all create a feeling of quiet elegance, with easy indoor-outdoor flow to enjoy the environment in all seasons. Watch the boats passing by, walk down to parkland on the shore, dine at riverside restaurants, or entertain at home in style on the elevated garden terrace. This property is now priced From $1,650,000. Open to view Saturday 20th January 11-11:30am

DEPARTMENT OF PROPERTY MANAGEMENT

There were 1,954 properties listed for lease according to REIWA for the week ending 14th January 2024. This figure is 7.1 percent higher than the week prior and a 6.3 percent increase from four week ago. We also witnessed a 45.9 percent increase in the number of properties leased, taking it to 619. The Property Management team are still witnessing strong demand for rental properties. Many people are choosing to bring their properties to market now because of this heightened demand. If you have been considering leasing your property or would like to know more about leasing your property, 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.

And if you’re a prospective tenant, we have three new opportunities this week including one in Beaconsfield, one in East Fremantle and one in Kardinya.

BEACONSFIELD

Embrace the essence of contemporary living in this meticulously maintained home that feels brand new. The property at 60A Jean Street boasts a modern and spacious layout, timeless style, and immaculate condition. Privacy is a priority in this home, featuring a plush carpeted master bedroom and a private living room on the first floor. This design ensures tranquillity for adults, while the rest of the family enjoys the casual living areas on the ground floor. This property is available for lease soon at $880 per week, for a minimum 12 month lease preferred.

EAST FREMANTLE

On the very top of the complex and in the sought-after end position, the two-bedroom apartment at 24/9 Preston Point Road, has panoramic vistas over the landscape to the south and east to the hills, and a slice of blue ocean on the horizon. Easy-care and secure, it’s the ideal hideaway in the riverside Richmond Precinct, where you can stroll along the river, walk down the road for a range of local shopping, salons and services, head over to George Street restaurants, or have a drink at your local Sweetwater rooftop bar. This property is available for lease soon for a minimum 12 month lease preferred. Applications accepted through 2Apply.

KARDINYA

Discover the essence of convenient living in this meticulously renovated home at 8/1-3 Stanbury Place, perfectly situated for those seeking an effortless lifestyle. Step into the expansive, light-filled living area that invites relaxation and quality family time. The open-plan kitchen/dining, designed with meticulous attention to detail, features a modern aesthetic, ample benchtop space, and stainless steel appliances, including an oven, dishwasher, and gas hotplate. This property is available for lease now for $630 per week for a minimum 12 month lease preferred. Applications accepted through 2Apply.

THIS WEEKEND

Fringe Festival is set to kick off this weekend, promising an array of entertainment options for everyone, spanning comedy, music, circus, and more. There are shows running every night until 18th February and there are some venues in Fremantle if you’re seeking something closer to home!