Inflation Rates, Granny Flats and the "Million Dollar Club"

Perth’s inflation rate takes a dip

This week the Australian Bureau of Statistics released data for the December quarter 2023 which shows that Perth’s inflation has taken a welcome step back to 3.6% in 2023, well below the national average of 4.1percent. This decrease in inflation in Perth’s end of year inflation rate was underpinned by slowing price growth across a range of sectors including food, housing, transport amongst others. This is not just great news for your wallet but also signals a potential shift in the economic winds.

What does this mean for interest rates?

The Reserve Bank of Australia (RBA) has been using increases in interest rates as a tool to curb inflation. A softer inflation may encourage the RBA to consider a more tempered approach to interest rates in 2024. While it’s premature to predict exact movements, the current downward trend in inflation suggests a potential easing of upward pressure on interest rates.

Granny flat regulations changes to boost housing supply

This week the State Government announced another measure to address the shortage of housing in WA with the introduction of amendments to relax requirements relating to ancillary dwellings. Ancillary dwellings, commonly referred to as “granny flats” of 70sqm or less, will no longer require Council approval provided they meet setback requirements. The Government has also removed the minimum lot size requirements for ancillary dwellings. Homeowners will no longer have to go through a (sometimes lengthy) planning process to obtain approval. A building permit will still be required and which is stated as taking a maximum 10 business days. The new rules are scheduled to take effect mid-April 2024.

With the Perth rental vacancy rate sitting at 0.7percent and median rental prices hitting a new peak of $610 per week at the end of 2023, many families are finding granny flats a useful option for housing extended family or in providing work from home (WFH) accommodation.

Realestate.com.au analytics also indicate there has been a significant increase in searches for properties with granny flats in 2023.

White Gum Valley joins the “Million Dollar Club”

It’s official – REIWA’s latest data shows that White Gum Valley joined the “Million Dollar Club” of suburbs with a median sale price of over $1 million in 2023. White Gum Valley entered the list at $1,005,000 representing value alongside neighbouring Fremantle ($1,102,500), and the nearby riverside and coastal suburbs of Bicton ($1,310,000), South Fremantle ($1,337,500), North Coogee ($1,420,000), East Fremantle ($1,635,000) and North Fremantle ($1,665,000).

White Gum Valley Specialist Louise Pope saw the prospective growth opportunity that the suburb offered when she purchased seven years ago and where she continues to live. Louise said “It’s an incredible place to live and raise a family”. Louise set new price records in the suburb in 2023 and said that the family-friendly community, diversity of housing and high-quality infill development, combined with the proximity to Fremantle, the coast and river are increasing the suburb’s desirability and the general upward trend we’re witnessing in the market, where development and demand are pushing values to new heights.

Nurturing your next move

If any of this has you wondering what you could achieve for your property for sale or lease in 2024 or if you are contemplating buying, selling, or investing, please reach out. Our team is here to guide towards informed decision making, ensuring your real estate journey is both successful and rewarding.

THE LOCAL MARKET

REIWA is reporting that there were 3,860 properties for sale in Perth for the week ending Sunday the 28th of January, which is a minor decrease of 0.1 percent in comparison to the previous week and fortunately an increase of 5.8 percent rise over four weeks ago (the holiday period) and remains a significant 45.9 percent lower than levels seen a year ago.

Over the past seven days, the busy team at White House have put FIVE properties under offer in the suburbs of Beaconsfield, Fremantle, Perth, and White Gum Valley.

The charming home at 50 Blinco Street, Fremantlereceived multiple offers with excited buyers with some big plans thrilled to have secured the property!!

After just two home opens and multiple offers in competition, 92A Forrest Street in Fremantle was quickly secured by some thrilled buyers after only six days on the market!

The character cottage on a large block at 145 Solomon Street, Beaconsfield also went under offer this week to very excited buyers and thrilled sellers!

It took just two home opens for the lovely property at 4 Pitts Lane, White Gum Valley to be secured by a lovely couple. Our seller was delighted with such a quick result.

143/250 Beaufort Street, Perth, went under offer this week, with 45 enquiries and multiple offers. We are thrilled to a have very happy buyer and seller!

FRESH TO MARKET

At White House we are constantly working to bring great properties to the market for eager buyers. This week we are thrilled to have launched EIGHT new listings to the market in Beeliar, East Fremantle, Fremantle, Melville and South Fremantle:

BEELIAR

Nestled on an esteemed street in Beeliar, this exceptional 2006 custom-built home at 5 Echidna Link graces a generous 608sqm block and stands out among its upscale neighbours with an impressive facade that leaves a lasting impression. The grand entrance, marked by double doors and a commanding hallway adorned with lofty ceilings, sets the tone for the splendour within. Boasting a contemporary floor plan, this residence ensures remarkable privacy, strategically separating the main bedroom suite from the minor bedroom quarters. Inviting all offers over $1 million and open to view Saturday 3rd February from 2-2:30pm

EAST FREMANTLE

Located in the highly sought-after Plympton Ward, beyond the picket fence sits the picture-perfect white cottage at 70 Duke Street, which has been transformed and extended with simple elegance and understated flair. The high ceilings and jarrah floorboards of the central hallway guide you through to the three spacious bedrooms of the main house. At the rear of the property sits an architecturally designed one bedroom, one bathroom luxe studio. Anticipating buyer interest around the mid $2,000,000s. Open to view for the first time this Saturday 3rd February from 10-10:30am

FREMANTLE

Welcome to your new lifestyle in this exceptional, brand-new apartment at 602/52 Adelaide Street, just moments away from the vibrant heart of Fremantle. This stunning 2 bedroom, 2 bathroom residence boasts a flawless design with premium finishes that are sure to exceed your expectations. Anticipating buyer interest in the high $700,000s. Open to view for the first time this Saturday 3rd February from 10-10:30am

Enjoying a private rear position that is completed tucked away from High Street, this delightful 3 bedroom 1 bathroom brick-render home at 230B High Street doubles as a hidden retreat of charm and enchantment – just footsteps away from everything that old Fremantle town has to offer. Anticipating buyer interest in the high $700,000s. Open to view for the first time this Saturday 3rd February from 1-1:30pm

Location, elevation, character, comfort, and a big block – 4 Holland Street is a real find with a very Freo feel, and a great place to call home. A 1920s brick home on limestone foundations sits above the street with treed outlooks out front, and a big backyard rising up the hill. The original features of high ceilings, wide jarrah boards and Oregon doors are all intact, and the living/dining and outdoor areas have the ideal northern orientation. Stroll to fine local schools, the river, parks, and George Street shopping and restaurants, and enjoy the relaxed atmosphere of a character home on a large block with even more potential to make the most of this brilliant location. Anticipating buyer interest around the mid $1,000,000s. Open to view for the first time this Saturday 3rd February from 12-12:30pm

Are you in search of a luxurious and contemporary living experience on Solomon Street? Look no further! This exquisite property at 97A Solomon Streetembodies the essence of modern living and is situated on one of Fremantle’s most sought-after streets. Conveniently located within walking distance of the vibrant Wray Avenue Cafe Precinct and the heart of Fremantle, this home offers a prime location. Anticipating offers from $955,000. Open to view for the first time this Saturday 3rd of February from 2-2:30pm

MELVILLE

Circa 1960s, the notable mid-century architectural firm Krantz and Sheldon brought to life their vision for Melview. 10/439 Canning Highway is amongst a set of unique townhouses built with clever angular design that captures river city views and operates on solar passive principles. The minimalist modern aesthetic combined with sustainable construction and optimal use of space and light, offers a rare piece of history for you to own. The property is priced From $455,000 and open to view for the first time this Saturday 3rd February from 12-12:30pm

SOUTH FREMANTLE

The enchanting heritage residence at 11 Wesley Streetsits grandly atop a limestone ridge with a generous bullnose timber porch that affords elevated eastward views across the suburb. Entering the beautifully maintained home, you are greeted by newly restored original jarrah floorboards, fresh white walls and high ceilings featuring decorative ceiling roses. This 3 bedroom, 1 bathroom home has been thoughtfully fitted out with essential modern amenities for immediate liveability, and the possibilities for future renovations on this 490m property are truly endless. Anticipating buyer interest in the mid to high $1,000,000s. Open to view for the first time this Saturday 3rd of February from 11-11:30am

Quality modern living comes to the fore here, from within the walls of 8 Hulbert Street. This impressive 3 bedroom 3 bathroom two-storey residence boasts a flexible and versatile floor plan, as well as the most spacious of backyard settings – all only footsteps away from everything that sought-after South Fremantle has to offer. Anticipating buyer interest in the high $1millions, possibly higher with competition. Open to view for the first time this Saturday 3rd February from 11:30-12pm

DEPARTMENT OF PROPERTY MANAGEMENT

REIWA is reporting that there were 1,957 properties available for rent last week as reported by REIWA. This is a 2.0 percent decrease from the previous week, 28.9 percent higher than four weeks ago and a 2.7 percent increase compared to a year ago.

Our very active property management team has witnessed a surge in attendance at home opens, with a substantial number of people expressing interest and missing out repeatedly. There are many excellent quality tenants looking to secure quality properties in the current market.

If you have been considering leasing your property or would like to know more about leasing your property, please 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 one new property available for lease:

FREMANTLE

The Fremantle spirit of connectedness, community and creativity found new architectural form at 7/44 Knutsford Street, an award-winning mix of terraces and apartments in a vibrant precinct at the edge of the port city. This north-facing apartment is a fantastic opportunity to discover for yourself why people love living there. Boasting a minimal palette of materials and maximising northern light, this 2-bedroom, 2 bathroom apartment is perfectly positioned on the top floor, with open outlooks over the landscape. This property is available for lease from the 21st of February 2024, unfurnished, for $730 per week. Applications accepted through 2Apply.

THIS WEEKEND