Properties still selling swiftly…but is there a shortage of listings?

The question remains, however, is there a shortage of properties for sale?

Recent figures from www.reiwa.com highlight a seemingly tight market, with only 3,738 properties listed for sale at the end of January (now increased to 4,040 at 19 February), a significant decrease from the 7,104 properties listed last year and 16,571 properties listed five years ago. This might suggest a shortage of homes for sale, but the reality is more nuanced.

The true dynamics of the market are better understood by looking beyond the surface numbers. Active listings fluctuate daily, reflecting the fast-paced nature of property sales rather than a lack of available homes. In fact, the Perth area witnessed 56,434 settled sales last year, indicating a healthy turnover and interestingly a 1.2 percent increase from the previous year (2022). New listings are entering the market at a steady rate but are being snapped up swiftly, with homes selling in a median of 9 days and units in 13 days in January.

This swift turnover rate means that the number of active listings remains low, making it crucial for buyers to approach the market with readiness and decisiveness – which we have been advising for some time.

It’s important for potential buyers to have their finances sorted and be prepared to make prompt, competitive offers. In such a fast-moving market, hesitation can mean missing out on the perfect home. And if you do miss out, you might need to just “shake it off” as we know that often buyers who miss out find something even better suited to them comes up.

Current market conditions emphasize the importance of being well-prepared and ready to act quickly. Our Team is here to assist buyers through this process, offering expertise and support to ensure you can secure your ideal property in this dynamic market environment.

With predictions of continued price growth, (REIWA is forecasting 10 percent growth for 2024), moving swiftly to secure your next home may have further financial benefits.

For sellers, the opportunity of achieving strong results in this dynamic market is real; however, obtaining the right advice from a highly experienced and active local area expert advisor and negotiator on presentation, strategy, pricing and promotion is critical to capitalising on the opportunity and maximising your profit.

If you are thinking of selling or are simply curious to understand what we might be able to achieve for your property in the current market, please reach out to the White House team. We would love to help you.

THE LOCAL MARKET

At the end of last week, REIWA reported that there were 4,040 properties on the market, marking a 2.1 percent increase from the previous week. This includes a 3.7 percent increase in houses listed for sale, a 1.6 percent increase in unit listings, and vacant land listings remaining relatively consistent, with only a 1.6 percent decrease. Overall, listings remain 41.1 percent below the same time last year. Sales were only 1.7 percent lower compared to the previous week, with a total of 957 transactions reported.

Over the weekend, Team Dobro put the beautiful 47B Foss Street in Bicton under offer! After 10 days on the market, almost 70 groups of people in attendance to the home opens, and 5 offers in competition, very excited local buyers are thrilled to end their long search having secured this lovely family home.

FRESH TO MARKET

At White House we have been working diligently alongside sellers to bring beautiful properties to market for eager buyers. This week we are thrilled to have launched FIVE new listings to the market:

COCKBURN CENTRAL

Discover urban sophistication in this thoughtfully designed residence at 44 Muriel Court, crafted with a unique urban, inner-city design flair, this home embodies comfortable contemporary living, making it an ideal hassle-free, low-maintenance residence or investment – perfect for a lock-up-and-go lifestyle. Anticipating buyer interest from the mid $600,000s. Open to view for the first time this Saturday, 24th February from 10-10.30am

EAST FREMANTLE

Look east over the river to the city skyline, and north across the Swan to Mosman Park with the Cottesloe pines in the distance. This elevated spot in a sought-after pocket of East Fremantle is the perfect position for a finely-appointed contemporary home, such as 3 Chauncy Street. The sounds of flowing water are cool and refreshing, as the infinity pool cascades into the lap pool, alongside a spacious alfresco and outdoor kitchen. Embrace the long vistas from the upper level, as open-plan living and the master suite both flow to the riverview terrace, a home ideal for family life, with an emphasis on relaxation and entertaining, and all the joys of the river close by. Anticipating buyer interest from the mid to high $3,000,000s. Open to view for the first time this Saturday, 24th February from 11-11.30am

FREMANTLE

The blue harbour, the ocean, Rottnest, the monument, and more – the views are endlessly fascinating from this vast portside apartment above it all. 18/74 Cantonment Street features outdoor living to both north and south, beautiful marble floors, and jarrah pillars from the old Woolstores are some of the features, and the true luxury is masses of internal and external space. It is secluded, secure and quiet, yet with such a transparent feeling, and so central. Anticipating buyer interest around the mid $2,000,000s. Open to view for the first time this Saturday, 24th February from 12-12:30pm

You will absolutely fall in love with this exquisite 2 bedroom 2 bathroom apartment at 43/10 Quarry Street which impressively offers awe-inspiring vistas of the Fremantle port that simply must be witnessed to be fully appreciated. Nestled in an optimal locale, a mere five-minute drive from central “Freo”, beautiful Bathers Beach and even the picturesque riverfront, this totally-equipped residence, perched on the fourth floor of a quality modern complex, is a true marvel. Anticipating buyer interest from the high $600,000s, tipping into the $700,000s. Open to view for the first time this Saturday, 24th February from 11-11:30am

HILTON

Tucked away towards the rear of this boutique block of industrial style apartments, 10/3 Paget Street is waiting for you to call it home. The lifestyle on offer in this neighbourhood has everything you need with cafes, restaurants, Gilbert’s Fresh supermarket, late night pharmacy and public transport with Freo and nearby beaches down the road. Welcoming best offers in the $500,000s. Open to view for the first time this Saturday, 24th February from 12-12:30pm

DEPARTMENT OF PROPERTY MANAGEMENT

The number of listings for rent is reducing again!

REIWA is reporting there were 1,740 properties available for rent at 18th February. This is a 3.5 percent decrease from the previous week, 12.8 percent lower than four weeks ago and a 2.6 percent decrease when compared to figures seen a year ago. With a further decrease in the number of rental properties available, we anticipate strong demand will continue.

Our property management team is continuing to witness very high attendance rates at home opens, with a significant number of prospective tenants expressing interest. 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 FOUR new properties available for lease:

BICTON

Welcome to your dream home in the serene suburb of Bicton, where luxury living meets unparalleled convenience. Situated on a quiet street within walking distance to the wonderful Point Walter Golf Course, this stunning 4-bedroom, 2-bathroom residence at 27B Clive Street offers a lifestyle of leisure and recreation. With two spacious living areas, there’s plenty of room for both relaxation and entertainment, and the open-plan kitchen, dining, and living area is perfect for hosting gatherings with friends and family. The property is available for lease, with a selection of negotiable furnishings, for $1,400 per week, for a minimum 12-month lease preferred. Applications accepted through 2Apply.

FREMANTLE

This newly and wonderfully renovated, two-storey home at 27A Chalmers Street is set in sought-after city-side precinct and is just a stones-throw away from amazing amenities. The contemporary 3-bedroom, 2-bathroom home sits behind high limestone walls which make this property a secluded and secure sanctuary. The property is available for lease, for $1,000 per week, for a minimum 12-month lease preferred. Applications accepted through 2Apply.

Step through grand wrought iron gates and let yourself be enchanted by the inviting and tranquil courtyard of the ‘village’ that takes residence at 15 Essex Street, bringing the romance of Olde Worlde France to Central Fremantle. This gorgeous limestone, iron & brick home takes prime position in the community and is situated furthest from the road at the back of the U-shaped complex. Step through the front door and straight into the engine room – literally. Built circa 1862, this was the engine room of the Port Flour Mill. It has now been enhanced with a warm glow of light timber and transformed to an open plan kitchen/dining/family area. The property is available for lease, for $950 per week, for a minimum 12-month lease preferred. Applications accepted through 2Apply.

NORTH FREMANTLE

Discover the charm of low-maintenance living in this beautifully situated townhouse at 14/27 Burns Street, where convenience meets style beyond its prime location. This 2-bedroom residence boasts a serene ambiance with its expansive windows, soft, tree-filtered light, and charming outdoor spaces, including terraces and balconies. The ground floor features an open-plan layout that includes a living area, kitchen, and dining space, perfectly catering to a contemporary lifestyle. The addition of a private, covered alfresco area offers a delightful outdoor entertaining option, aside from the plethora of dining choices just moments away. The property is available for lease, for $830 per week, for a minimum 12-month lease preferred. Applications accepted through 2Apply.

THIS WEEKEND

One of WA’s iconic events, the South32 Rottnest Channel Swim is taking place this weekend with hundreds and hundreds of swimmers set to swim from Cottesloe Beach (Mudurup) braving 19.7km of open waters to Rottnest Island (Wadjemup). It’s amazing atmosphere and event with the first swimmers setting off from Cottesloe at 5:45am. We wish all participants and supporters all the best for this year’s event!

We will be opening our many beautiful listings for sale and lease this weekend and we look forward to meeting you there!