Tips for getting ready to buy in 2024

Stepping into the new year often brings with it thoughts of new beginnings, and for many, that includes the prospect of a new home. If buying a house is on your agenda for 2024, it’s time to lay the groundwork now.

Taking proactive steps to understand your position and organise your finances and property for sale now will set you up for success when the ideal property hits the market.

Homes are selling faster than ever in this record-low stock level environment where there are just under 3,700 properties listed for sale.

Just last week we launched 17 Yeovil Crescent, Bicton to market. We had a staggering 45 groups through the twilight viewing and a further 42 groups through the first Saturday home open with six offers submitted and a deal agreed just five days after launching.

This highly competitive environment and fast-paced sales process highlights the importance of being organised before making an offer.

If you are a homeowner and you are not able to secure bridging finance and will be looking to make an offer “subject-to-sale” or can buy without selling but want to minimise any period of bridging finance, having your property “sale-ready” before you make an offer is critical.

Being “sale-ready” means having obtained an appraisal (understanding where your property sits in the market) and undertaking the work to prepare your property to be ready for sale (to be photographed and ready to bring buyers through). Some people even get the photos and marketing collateral done before they offer on another property so that we can simply press go when they find the right property!

We recently saw the benefits of our owners’ preparedness in the sale of a property in East Fremantle. Our owners had an offer to purchase another property accepted, subject to the sale of their home. We had already been working with the owners for some time to get their property “sale-ready”. We were able to get the copywriting, floorplan and photos done the day after their offer was accepted, launched to the market and had a home open the following day and was sold the next day – all within a remarkable four days of their offer being accepted on the other property!

In this competitive market, buyers who have their finances in order are best placed to succeed. Sellers will often ask if a buyer has finance “pre-approval” meaning have a letter from the bank confirming how much they can borrow, usually subject to a bank valuation of the property they purchase.

Recent increases in interest rates and subsequently higher mortgage repayments could impact your borrowing capacity, meaning that pre-approved loans obtained even a few months ago may need revisiting.

Seeking guidance from a knowledgeable mortgage broker can be invaluable, providing insights on available loan options, interest rates, and repayment plans. We have a number of highly recommended finance brokers we work with regularly so please reach out if you would like to be put in touch with someone who can help you get your finances ready.

Even if your home-buying plans are set for the middle or end of the year, sorting your finances now can prove advantageous in the long run.

If buying and/or selling is on your dream board for 2024, please reach out to the White House Team. Our expertise and guidance can make the process smoother for you, ensuring you are well-positioned to turn your 2024 goal of purchasing a home into a reality.

There were 3,633 properties available for sale according to REIWA for the week ending 7th January 2024. This is 0.4 percent decrease over the previous week, 23.2 percent drop from four weeks ago and a staggering 48.9 percent decline compared to the same week last year. Among these properties, there were just 1,781 houses, 1,026 units and 826 blocks of land available to purchase.

Despite an incredibly limited number of properties available for sale, the White House Team have put two properties under offer this week including one in Bicton and one in East Fremantle:

Team Dobro started the year off with a bang at 17 Yeovil Crescent in Bicton! As mentioned earlier, this property attracted 130 enquiries and had 87 groups through the two home opens. After five days on the market and receiving SIX offers, this 20s classic went under offer this week to a lovely young couple who are very excited to move in!

A young couple are thrilled to have secure the outstanding offering at 21 Allen Street, East Fremantle, which had been held in the same family for 27 years.

With many owners still on holidays, we are delighted to have launched one new listing to the market this week in North Coogee.

Experience the allure of this expansive three-level coastal residence at 31 Wanstead Street meticulously designed and crafted to cater for the needs and desires of a growing family. A brief stroll leads to the beach and the vibrant amenities of cosmopolitan Port Coogee Marina, including bars and cafes. With over 520sqm, five bedrooms, three bathrooms, a study, east and west-facing balconies, and various living areas, this sought-after Port Coogee residence is a must-see for discerning buyers. Anticipating buyer interest in the mid to high $1millions. Open to view Saturday 13th January 2024 10-10:30am

Set within a dreamy oasis of flourishing succulents and a majestic canopy of trees, the lovingly restored 50s bungalow at 31 Douro Road, blends vintage Art Deco style with a chic beach-house aesthetic in this highly sought after suburb by the beach. Whimsical etched glass details of coastal palms and tropical themes are just some of the bespoke touches to be admired throughout this bright & breezy, passive-solar inspired home. Now priced From $1,395,000. Open to view Saturday 13th January 2024 9-9:30am

Low stock levels of properties for rent means that we are continuing to see exceptionally high demand for rentals.

REIWA is reporting that there were 1,825 properties available for rent in Perth at the end of last week, comprising of 1,266 houses and 559 units. This figure is 20.2 percent higher than last week, 7.4 percent lower than four weeks ago and only 0.1 percent lower than this time last year.

Our hardworking Property Management department is continuing to deliver outstanding service and results for our owners with three properties listed and leased this week. If you have been considering leasing your property or would like to know more about leasing your property in 2024, 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 are pleased to have launched three new opportunities this week in Attadale and Fremantle:

Perfectly positioned just a stone’s throw away from the expansive greenery of Attadale Primary School, the impeccable four-bedroom, two-bathroom family residence at 20 Calpin Crescent on a sizable, low-maintenance plot is bound to leave everyone grinning from ear to ear. The contemporary comfort of a well-designed and open floor plan seamlessly merges with a serene yet conveniently located street position, just moments away from other esteemed schools, the picturesque Swan River, the stunning Attadale foreshore, and local shops. This property is available for lease now unfurnished for a minimum 12 month lease preferred. Applications accepted through 2Apply. Open to view Monday 15th January 5-5:15pm

The secure street-front three-bedroom two-bathroom sanctuary at 13B Chalmers Street adopts a chic coastal aesthetic of calming beachy hues and intentional natural light, along with easy-care gardens blooming in native trees and shrubbery. A delightful kitchen, open-plan living and dining create the ideal balance between space and light whilst respecting zones to retreat and unwind. This property is available for lease now for a minimum 12 month lease preferred. Applications accepted through 2Apply.

Welcome to the epitome of modern urban living in the heart of Fremantle! The exquisite two-bedroom, two-bathroom fully furnished and equipped apartment at 19/12 Parry Street is a harmonious blend of contemporary design, convenience, and comfort. As you step into the apartment, you are greeted by a spacious and luminous living area. The open floor plan seamlessly connects the living, dining, and kitchen spaces, creating a welcoming atmosphere for relaxation and entertainment. This property is available for lease fully furnished and equipped now for an initial 6-month lease. Applications accepted through 2Apply. Open to view Tuesday 16th January 5-5:15pm

If you are considering dining out this weekend, there are so many great spots to eat out in Fremantle and East Fremantle. Our team’s current favourites are Jetty Bar & Eats, Vin Populi, Lola’s and La Lune (just to name a few!).