Lots of buyer activity and we are replenishing our stock

In good news for prospective borrowers and mortgage holders this week, the Reserve Bank of Australia (RBA) chose to keep interest rates steady, as was widely anticipated.

This decision was influenced by the lower-than-expected inflation figures we discussed last week and weak retail trade results. Additionally, there’s been a slowdown in national housing value growth, which the RBA views positively.

Although the RBA hasn’t ruled out future rate increases, it’s likely rates won’t decrease anytime soon. The RBA is cautious, preferring a data-driven approach due to uncertainties in economic activity and inflation outcomes. There are reports, from the financial markets, that we could see rate cuts later in the year and indeed even the RBA’s recent inflation forecast revision suggests this may happen.

While other markets may need interest rate reductions to stimulate the market, the Perth market remains buoyant with the demand for housing to buy and to rent, exceeding the available supply. Indeed, last Saturday we had 285 groups through our 12 properties that were open for inspection, with five properties going under offer over the past seven days.

For buyers, we know that that volume of groups at home opens makes may make the market feel particularly competitive at the moment. It’s important to remember, however, that not every potential person attending a home open is a “buyer” immediately prepared to make a move. Despite the high number of attendees, many are still in the early stages of their home buying journey, exploring options, neighbours comparing a neighbouring property to theirs, or future buyers or sellers simply gathering information.

We encourage our clients not to be discouraged by the apparent competition in the market. The right property and the right opportunity may still be waiting for you. Our team is here to provide guidance, support, and expertise to help you navigate the market with confidence.

If you have any questions or would like to discuss how these developments may impact your individual circumstances, or you would like an appraisal or market update for sale or for lease, please reach out. We’re here to assist you every step of the way.

THE LOCAL MARKET

The number of listings remained tight with REIWA reporting that for February there were just 3,846 properties on the market , marking a 0.4 percent decrease from the previous week. This includes a mere 0.9 percent increase in houses listed for sale, a 2.9 percent increase in unit listings, and a 7.8 percent decrease in vacant land listings. Overall, listings remain 45 percent below the same time last year. Sales were 25.5 percent higher compared to the previous week, with a total of 984 transactions reported.

Over the past seven days, the busy team at White House have put FIVE properties under offer in the suburbs of East Fremantle, Fremantle, Melville and South Fremantle.

Delighted downsizers are thrilled to have found and secured the stunning property with extraordinary tranquil gardens and beautiful views at 3/72 Preston Point Road, East Fremantle. Our seller is thrilled that the home will be enjoyed by new owners who love it as much as she has.

Fremantle Specialist Connie Handcock had a massive 59 groups through the first home open of the delightfully secluded property at 230B High Street, Fremantle last Saturday. The property was hotly contested with multiple offers received and one very delighted buyer. We have a large number of buyers looking for property under $1m in the Fremantle area who have missed out so please get in touch if you are thinking of selling!

Still in Fremantle, Connie Handcock also helped thrilled buyers secure the light-filled home at 97A Solomon Street, Fremantle.

After just five days on the market, Louise Pope helped buyers secure the townhouse at 10/439 Canning Highway, Melville after the first home open! Both our buyers and sellers are delighted.

South Fremantle continues to be a sought-after destination for home buyers with Connie Handcock achieving an outstanding result after just one home open for the beautiful property just a short stroll to the beach at 8 Hulbert Street in South Fremantle.

FRESH TO MARKET

At White House we are thrilled to be replenishing our stock having launched FIVE new listings to the market this week:

BICTON

Relaxed natural decor, glorious light, and open-plan living opening north to private gardens set the scene for the flow of family life. In a quiet rear location, this two-storey contemporary home at 47B Foss Street has a simply elegant atmosphere and a thoughtful layout: second living space upstairs, sleek white kitchen with large butler’s pantry, outdoor dining under a timber ceiling by the garden, a home office to focus on work, and a lovely treed outlook from the expansive master suite. It’s a tranquil spot near parks, school, and the river, yet with quick access to shopping and services. Anticipating buyer interest in the low to mid $1,000,000s. Open to view for the first time this Saturday, 10th February from 11-11:30am

FREMANTLE

Step through grand wrought iron gates and let yourself be enchanted by the inviting and tranquil courtyard of the ‘village’ at 8/15 Essex Street – bringing the romance of Olde Worlde France to Central Fremantle. This home offers you the opportunity to take your place in the Old Flour Mill and enjoy the enviable lifestyle on offer in the highly sought after West End location of the Port City. Anticipating buyer interest from the high $1,600,000s, tipping into the $1,700,000s. Open to view this Saturday, 10th February from 9-9:30am

Here on the ocean edge of the West End is a wonderful place to live, with two terraces and two living areas over two levels. So central but with a feeling of secure privacy above it all, this is a brilliant opportunity at 18/1 High Street. Anticipating buyer interest From high $1,000,000s. Open to view for the first time this Saturday, 10th February from 11-11:30am

SOUTHERN RIVER

Presenting this contemporary family residence that embodies the essence of familial living, meticulously designed to offer a spacious layout and a plethora of upscale amenities for both comfort and sophistication. Nestled in the highly sought-after Bletchley Park, this grand home at 4 Vision Way is a testament to modern luxury. Anticipating buyer interest towards the Mid $1millions. Open to view for the first time this Saturday, 10th February from 9-9:30am and again this Sunday, 11th February from 12-12:30pm

VICTORIA PARK

Welcome to your new home in the heart of Victoria Park! This stunning and spacious property at 98A Cargill Street is perfectly situated, just minutes’ walk from the vibrant Vic Park café strips, restaurants, shopping centre, and excellent transport links. With the Perth CBD just a short drive away, you’ll have everything at your fingertips. Anticipating buyer interest in the high $900,000s. Open to view for the first time this Saturday, 10th February from 2-2:30pm

WHITE HOUSE CONFIDENTIAL

We have two fantastic properties on offer off market this weekend:

EAST FREMANTLE

This is a beautiful three bedroom, two bathroom family home on 487m2, with lovely front and back gardens and a massive double car garage accessed via rear laneway. We are anticipating buyer interest around $1,300,000 – $1,400,000. We are exclusively inviting White House clients to register their interest to view. Please text your full name to Catherine Fenna on 0447 780 509.

MELVILLE

Be quick to inspect and secure this unique “New York” style townhouse with a difference! Set at the rear and away from the road with spacious garden and parking surrounds, this urban oasis has been extensively renovated and remodelled on the ground floor with clean lines, stunning open plan kitchen, meals and living with feature exposed brick wall. Anticipating buyer interest in the high $400,000s. We are exclusively inviting White House clients to register their interest to view. Please text your full name to Catherine Fenna on 0447 780 509.

WHAT’S NEW

SOUTH FREMANTLE

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. Jarrah floors, high ceilings and Deco-style cornicing complement grand over-sized windows which embrace sea breezes and frame multiple living areas, inclusive of a spacious north-facing lounge room, a front deck and terrace, plus a rear sunroom and private veranda. Now priced From $1,350,000. Open to view this Saturday, 10th February from 12-12:30pm

DEPARTMENT OF PROPERTY MANAGEMENT

REIWA has reported that as of the 4th of February 2024, there were 1,862 properties available for rent in Perth, marking a 4.9 percent decrease compared to the previous week. However, this figure remains slightly higher than what we observed four weeks ago, with a 2 percent increase, and 0.6 percent higher than the same period last year.

For the month of December, REIWA reported that a 0.7 percent vacancy rate was recorded in the Perth rental market. The current demand is evident, reflected in the swift and efficient results we’re achieving with our newly listed properties available for lease. In January alone, the property management team White House leased a total of 18 properties!

If you’re considering leasing out your property or would like an updated appraisal of a property currently under management, please feel free to get in touch with Monique Malarowski on 0418 228 524 or Veda Spence on 0499 171 457.

And if you’re a prospective tenant, we have two new properties available for lease:

FREMANTLE

Embrace the blend of modern elegance and convenience in this exquisite 2-bedroom, 1-bathroom apartment, nestled securely within a boutique cul-de-sac complex. Just moments from the vibrant heart of Fremantle, the residence at 6/3 Norman Street is your gateway to a lifestyle filled with ease and sophistication. A short stroll to bus stops, exquisite dining on South Terrace, shopping, entertainment, and the lively Fremantle cappuccino strip. Close proximity to Fremantle Esplanade and South Beach offers endless leisure opportunities. This property is available for lease now, partly furnished, for $780 per week. A minimum 12 month lease is preferred. Applications accepted through 2Apply.

NORTH COOGEE

Sitting proudly in the private South Beach estate is 8 Rosemary Link, this immaculate fully furnished two-story four bedroom, two and a half bathroom contemporary home has been built for a family seeking the ultimate coastal lifestyle. The property is available for lease from the 15th of March 2024, furnished, for $1,220 per week. A minimum 12 month lease is preferred. Applications accepted through 2Apply.

THIS WEEKEND

On Saturday, 10th of February, the second annual Kai-Fella Ball, raising funds to help deliver early intervention workshops for youth suicide prevention will be happening at Optus Stadium. Many from the White House team will be attending, and despite the event being sold out, if you would like to donate to Kai-Fella you can still donate here.

Brave the forecast heat this weekend as we will be opening our many beautiful listings this weekend and we look forward to meeting you there!