Units: The increasing appeal, pace of sales and price

The pace of house sales has been accelerating for some time. Interestingly, in recent months, we have seen a surge in the pace of unit sales. REIWA is reporting that while houses sold in a median of just eight days in February, units weren’t far behind at just nine days. Nine days is a significant 13 days faster than this time last year. This acceleration in the pace of unit sales, now nearly on par with houses, reflects a significant shift in buyer behaviour.

Why the sudden surge in unit sales? Affordability. With house prices soaring in recent years, units have emerged as a more accessible option for buyers and tenants eager to escape the rental cycle. Moreover, the relative stability of unit prices compared to the rapid appreciation of houses makes them an attractive choice for budget-conscious buyers.

While both houses and units are continuing to experience price growth, the rise in popularity and relative affordability of units is starting to see sale prices rise at a faster rate compared to houses, according to the latest REIWA data. The median unit price increased 1.2% in February to $415,000, which is 3.8% higher than this time last year. The median house sale price rose 0.8% in February to $605,000, 10% higher than February 2023.

However, not all units are increasing at the same pace. REIWA CEO, Cath Hart, noted that while traditionally “we all like to have our own patch of land…. competition for houses is high and many buyers are missing out…” For this reason the shift towards units and growth in unit sales has not been uniform across the the unit market. With buyers’ preference for land, it’s not surprising that villas and townhouses are the top growth performers within the unit market. Despite not being on a stand alone block of land, buyers are viewing them as similar to houses, having some ‘land’ aspect, usually a courtyard or outdoor space, giving buyers the feel of the backyard they associate with a traditional home. 

The unit market is still representing excellent value in many cases. Buyers can often secure a unit in a beachside or riverside location for significantly less than the price of a house, with the same access to the wonderful amenities that beachside and riverside locations offer.

Whether you are considering buying a unit or a house, if you are looking to buy in the current market – you’ll want to “hop to it” in acting quickly to make your interest known to the agent and submit your offer (ensuring that you have you know your budget, and you have your deposit and finance organised).

If you are considering selling, our hardworking White House team are here to help provide the information you need to make the best decision for your circumstances.

THE LOCAL MARKET 

REIWA’s reporting indicated another week of strong sales. There were small increases in sales compared to last week, however, looking more broadly at the one-month and one-year comparisons, the 9.7% and 10.2% increases between these periods are reflective of the fast turn over in properties we are currently experiencing. In terms of listings for sale, houses on the market have increased compared to last week and last month, 1.4% and 2.7% respectively, however the decrease in units and land for sale has counteracted this increase in house supply. The further decrease in overall listings continues to put pressure on the market, with houses and units selling on average in just over one week.

At White House, we have been experiencing some very fast property sales and are pleased to have had SEVEN properties put under offer this week.

Louise Pope placed 7A Aberle Street, Hamilton Hill under offer after its first and only home open on Saturday, with 54 groups through the property and multiple offers in competition, we are delighted for our wonderful buyers.  

Connie Handcock, our Fremantle Specialist, placed 8/15 Essex Street under offer with an strong cash offer and very happy sellers.

FRESH TO THE MARKET

WHAT’S NEW

FREMANTLE

Ocean, islands, harbour, ships, river, long landscapes – an astonishing array of perspectives on the port city and beyond from 36 Burt Street. And inside, this really generous home is family paradise over three levels. Everyone can have their space and pursue their passions – there are two living areas, a second master on the top level, and even a big limestone-walled room down below for teen retreat or games room, plus a workshop too. The gardens are lovely, and a northern terrace looks over a series of terraced garden ‘rooms’ across to the river. Walk downtown, to excellent local schools, the Arts Centre for concerts, over to George Street restaurants. This property will be open to view this Saturday 30 March from 12:00 – 11:30am. All Offers will be presented by 4pm on Wednesday 10th of April.

WHITE GUM VALLEY

The total package in an elevated location on the Fremantle border: Historic cottage, two-storey solar passive extension, separate studio apartment, wonderful rambling gardens over a large block, trees and birds all around, and a down-south holiday feeling…70 Amherst Street has it all! The charm of the original weatherboard home is unspoiled, and the addition brings its own atmosphere with brilliant use of concrete, ply, timber, and massive sliding glass doors to embrace the treed environment. It’s a wonderful place to live, and the family can spread out through a series of spaces to relax, work, and play, both indoors and out. Walk to school and the park, walk or ride down the hill to Freo centre, and enjoy the privilege of a very special home that really expresses the White Gum Valley spirit. This property will be open the view this Saturday 30th March from 1:00-1:30pm. All Offers will be presented by 3pm on 10th of April.

DEPARTMENT OF PROPERTY MANAGEMENT

The REIWA statistics are showing some further relief, with listings for lease increasing compared to last week by 1.3% and 6.2% compared to last month. However, these properties are being snapped up very quickly with listings leased last week 1.3% higher than the previous and almost 10% higher than last month.

We have a number of properties that have launched this week at White House and are always here to help potential tenants to secure a home, so please get in contact with us at any time.

With our expanded property management team, we are well placed to offer a personalised premium service to prospective investors and landlords.

If you have been considering leasing your property or would like to know more about leasing your property, 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.

If you’re a prospective tenant, we have FOUR new properties available for lease this week;

BEACONSFIELD

Discover the allure of this beautiful ground floor townhouse, at 2a/166 Hampton Road, boasting chic modern decor and a tranquil position at the back of the complex, ensuring privacy and serenity. Its appeal extends beyond just the prime location; this home is a stone’s throw away from the vibrant South Fremantle cafe strip, pristine beaches, and local shopping delights. The townhouse offers two spacious bedrooms, each designed with comfort in mind. The heart of the home is the expansive kitchen, complete with generous storage options, an inviting island bench, and high-quality appliances for the home chef. Double glazed windows ensure a peaceful interior, complemented by air conditioning for year-round comfort. This property is available for lease, for $730 per week, for a minimum 12 month lease preferred. Applications accepted through 2Apply. This property will be open this Tuesday 2 April from 5:00-5:15pm. Applications accepted through 2Apply.

BEACONSFIELD

Perched atop a majestic ridge with sweeping views of the old Lefroy Quarry Site and the playing fields of Fremantle College, this lovely residence, at 57 Longford Street, is part of a master-planned development featuring modern and thoughtfully designed properties, nestled within one of Freo’s most distinctive community hamlets. Community spirit flourishes here with numerous local events and the cherished annual olive harvest, fostering a vibrant neighbourhood atmosphere. The prime location offers unparalleled access to schools, fresh markets, lush parks, and the beach, creating an unmatched lifestyle that perfectly blends contemporary living with a robust community feel. This property is available for lease, for $880 per week, for a minimum 12 month lease preferred. This property will be open this Wednesday 3 April from 5:00-5:15pm. Applications accepted through 2Apply.

BICTON

Situated at the back of a well-maintained complex just a brief walk from the bustling Melville plaza, 6/59 Waddell Road is a ground-floor dwelling that boasts a convenient floor plan featuring two generously sized bedrooms and one bathroom. The outdoor area truly enhances the property, featuring a substantial decking area which is perfect for all year round entertaining. Additionally, the unit features a private large lawn space which creates a lovely area to enjoy with friends and family. The property is to be leased unfurnished. This property is available for lease, for $580 per week, for a 6 month lease preferred. This property will be open this Tuesday 2 April from 5:00-5:15pm. Applications accepted through 2Apply.

COTTESLOE

Immerse yourself in the coastal charm of Cottesloe, where the sun melts into the ocean and the silhouettes of Norfolk Island Pines stretch across the horizon. This freshly painted, dual-level townhouse, at 7/5 Salvado Road, is mere moments from the pristine sands, embodying the quintessential beachside allure of the area. Indulge in the simplicity of seaside living with this easy-care, luminous home boasting a coveted north-facing orientation. Tucked away for peace and privacy, this white-rendered Mediterranean-style abode is one of just nine, surrounded by lush green lawns that capture the essence of a tranquil retreat. This property is available for lease, for $900 per week, for a minimum 12 month lease preferred. Applications accepted through 2Apply.

THIS WEEKEND