Rental Vacancy Rate Hits New Low
The Perth rental market is at a historic juncture. The vacancy rate (number of properties available to lease) has now plunged to a new low of 0.4% as of March, a figure that speaks volumes about the current demand in our market, according to REIWA’s latest press release.
This unprecedented dip from the previous low of 0.6% set in December 2022 marks a significant moment for both tenants and investors alike. The vacancy rate saw a slight rise to 0.7% at the beginning of 2023, but it has held steady at 0.7 percent since, indicating a persistently tight market.
REIWA President Joe White has highlighted that we may be beginning to see a subtle shift in the rental market, particularly within the premium property segment. Homes seeking rents above the $1,000 per week threshold are experiencing a more relaxed leasing pace, averaging 20 days on the market in the March quarter.
This is in contrast to more affordable brackets, where homes are leasing in as few as 10 days, particularly in areas where the median rent sits below Perth’s median of $649 per week. The demand is particularly robust at these price points, even as we see a gentle ebb in home open attendances in certain suburbs.
Affordability remains at the forefront of tenants’ concerns. Many are finding resourceful solutions, such as increasing household sizes, purchasing their own homes, or opting to stay or return to the family nest.
For investors at the higher end, engaging a quality leasing agent and seeking their advice and feedback is particularly valuable.
As we look to ease the pressure on the rental market, one solution remains clear: increasing property supply. If you own a property you’re contemplating leasing out, market circumstances couldn’t be more favourable locally. We have a long list of tenants who are eagerly seeking homes and units and yours could be exactly what they are looking for.
At White House, our property management team has grown, enhancing our capability to deliver a bespoke, premium service tailored to the needs of discerning investors and property owners.
If you’d like to find out more about how we can help you with your property management questions, needs or goals, please reach out to Monique Malarowski at 0418 228 524 or via monique@whitehouseproperty.com.au, or connect with Veda Spence at 0499 171 457 or veda@whitehouseproperty.com.au. We are here to share the array of services we provide, designed to make property management a smooth and successful journey.
THE LOCAL MARKET
As the school holidays come to an end, as expected there was a 2.8 per cent increase in the number of listings on the market compared to the previous week as homeowners launched their properties after the long weekend. However, the school holiday slow down remained evident when we look at the figures from 4 weeks ago, which were 7.9 per cent higher.
The school holidays continued to infuence property sales last week, with buyers away on holidays and taking a break from house hunting. Sales were down significantly last week to 727 properties, with unit sales down 22.4 per cent and house sales down by 33.3 per cent.
At White House, we had a successful week, placing THREE properties under offer.
Carlie Baker placed 8 Fawcett Road in Lake Coogee under offer, with a premium result for our seller. With mutliple offers in competition, we are excited for the start of new beginnings for both seller and buyer.
Connie Handcock, placed 14 Dandenong Road under offer with multiple offers in competition after just one home open. We are pleased for our sellers who are thrilled with a quick result and delighted for our lovely buyer. Connie also placed 21 Point street under offer this week after its first home open in another quick sale with sellers delighted with the fast result.
FRESH TO MARKET
At White House, we are consistently working to bring exciting properties to the market and with school holidays coming to an end this weekend, are thrilled to have EIGHT new properties to the market this week.
EAST FREMANTLE
Embrace sustainable living with unmatched comfort in this modern Plympton residence, at 23 Duke Street, designed with eco-conscious principles to enhance everyday life. Boasting a family-friendly layout and a keen eye for detail, this home sets a new standard for liveability. Located within a vibrant community, this home is a stroll away from the river, George Street’s cafes and shops, the cultural hub of North Freo, and educational institutions like East Freo Primary and John Curtin. This hidden gem combines the joy of family living with the peace of a close-knit neighbourhood. Anticipating buyer interest in the early to mid $1,000,000s. Please contact Stefanie on 0409 229 115 for more information.
EAST FREMANTLE
Ideally positioned within walking distance to the glistening Swan River, bustling cafés, restaurants and bars, this light filled second floor apartment on the edge of the George Street precinct at 20/46 East Street presents an ideal opportunity for entry level buying in East Fremantle. Featuring two spacious bedrooms and a retro bathroom complete with a bathtub, comfort and relaxation are paramount. The complex offers convenient amenities including lift access and secure entry and parking, guaranteeing peace of mind, as well as having public transport readily accessible. Anticipating buyer interest in the mid to possibly high $400,000s. This property will be open to view for the first time this Saturday 13 April from 9:00-9:30am
EAST FREMANTLE
This really is the perfect spot: up on a rise, steps away from the river below, on a big corner block facing Pier Street and the park. It’s the dream location, and here is the opportunity to fulfil its potential, at 73 Preston Point Road. A solid brick-and-tile home offers generous living spaces, large bedrooms, a terrace wrapping around to the river view, and spacious gardens all around. The riverside life is all here: just a few doors away from the water, with restaurants, cafes, sporting fields and shopping all nearby, lovely Gourley Park directly opposite, Richmond Primary a walk away, and so close to Fremantle centre and the beach. Anticipating buyer interest in the high $1,000,000s, possibly more depending on the markets response to the property. This property will be open to view for the first time this Saturday 13 April from 10:00-10:30am
FREMANTLE
An ultra-convenient location opposite the iconic Fremantle Prison and close to everything else that the heart of “Freo” has to offer is where you will find this fully-renovated 2 bedroom 1 bathroom townhouse-style residence at 6/18 Hampton Road – totally secure and positioned at the rear of the complex, whilst leaving absolutely nothing for you to do other than to simply bring your belongings and move straight on in. Elevate your lifestyle here and experience the absolute best of Fremantle’s culture and heritage in the best way possible! Anticipating buyer interest in the mid to high $500,000s. This property will be open to view for the first time this Saturday 13 April from 12:00-12:30pm
HARRISDALE
Nestled in a sought-after locale, this contemporary 3-bedroom abode at 6 Times Street presents an enticing opportunity for a diverse range of buyers, including first-time homeowners, downsizers, investors, and those yearning for a hassle-free lifestyle. Boasting a fusion of modern aesthetics and functionality, this home offers a secure and comfortable living experience. Situated within walking distance to Harrisdale Shopping Centre, Harrisdale High & Primary Schools, and local parks, convenience is at your doorstep. Plus, enjoy the added benefit of no strata fees, though a shared driveway with neighbouring properties ensures a sense of community. Anticipating buyer interest in the $600,000s. This property will be open to view for the first time this Saturday 13 April from 11:00-11:30am
PALMYRA
Hidden behind a timber and limestone wall sits this beautifully renovated 3 bedroom, 2 bathroom family home at 79 Hammad Street, offering a blissful sanctuary the minute you step inside. It’s an entertainer’s delight with plenty of space for each family member to relax and enjoy while the local ‘Pally’ lifestyle on offer is just as appealing. Enjoy a leisurely stroll to the Palmyra Farmer’s Markets each Sunday, with easy access to surrounding shops nearby including Melville Shopping Centre, Stammers Marketplace and plenty of other services and amenities. Anticipating buyer interest From the early $1,000,000s. This property will be open to view for the first time this Saturday 13 April from 11:00-11:30am and on Sunday 14 April from 9:00-9:30am
SOUTH FREMANTLE
Nestled below the street behind a screen of tall greenery, this 1890 home at 155 Hampton Road is full of atmosphere. Sensitively renewed with generous living space and a relaxing indoor/outdoor room, it has a feeling all its own. The garden is a wonderful surprise – it just keeps on unfolding, with a series of decks and paved spaces in a quiet, green environment that is a delight to experience. A few minutes’ walk around the corner is the South Terrace street life of restaurants, cafes and shopping, or you can take a refreshing dive into the ocean. Anticipating buyer interest in the early $1,000,000s. This property will be open to view for the first time this Saturday 13 April from 1:00-1:30pm
SOUTH FREMANTLE
Introducing a charming coastal haven, this second-floor beachside apartment at 18/40 South Beach Promenade offers a serene retreat amidst an eco-friendly village. With two bedrooms and two bathrooms, it beckons you to embrace a tranquil lifestyle mere steps away from the sandy shores of South Beach. Immerse yourself in the peaceful landscape, where the gentle lull of pond across the Promenade meets the rustle of the wind through coastal greenery. Anticipating buyer interest in the mid $700,000s. This property will be open to view for the first time this Saturday 13 April from 1:00-1:30pm
WHAT’S NEW
FREMANTLE
It is amazing up here: ocean, islands, harbour, ships, river, long landscapes – an astonishing array of perspectives on the port city and beyond. And inside, this really generous home is family paradise over three levels, where everyone can have their space and pursue their passions. The northern gardens are lovely too – a series of terraced garden ‘rooms’ looking across to the river, and a range of indoor-outdoor connections to make the most of the environment. You feel like you can reach out and touch Rottnest, and the harbour action offers endless fascination. Walk downtown, to the river, to excellent local schools, the Arts Centre for concerts, and over to George Street restaurants, in this superb location perched above it all. This property will be open to view this Saturday 13 April from 12:00-12:30pm. The property is now priced From $3,000,000.
FREMANTLE – SECOND CHANCE OPPORTUNITY
You will absolutely fall in love with this exquisite 2 bedroom 2 bathroom apartment that 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. This property will be open to view this Saturday 13 April from 11:00-11:30am.
DEPARTMENT OF PROPERTY MANAGEMENT
REIWA reported another increase in properties listed for lease, now being a fractional 1.6 per cent lower than this time last year. There was another decrease of 3.5 per cent in properties leased last week, again likely due to the school holidays. At White House we are still experiencing high demand for rental properties, with our Property Management Team leasing four properties last week, two being leased within days of being launched.
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 ONE new property available for lease;
SOUTH FREMANTLE
Welcome to your dream home at 28 Scott Street, where luxury meets functionality in this exquisite 4 bedroom, 3 bathroom haven. Every detail has been meticulously crafted to offer unparalleled comfort and convenience, making this residence a true gem in the heart of South Fremantle! Nestled in a prime location, this impeccably appointed property effortlessly captures the essence of coastal living. Revel in the daily sea breezes while strolling to South Beach or indulging in artisanal treats from Wild Bakery, conveniently located at the end of the street. This property is available for lease soon, for $1,880 per week, for a minimum 12 month tenancy. Applications accepted through 2Apply.
THIS WEEKEND
With school holidays coming to an end this weekend, here are a few things on to keep everyone entertained!
Friday and Saturday from 5:30pm at the Claremont Town Centre, check out the Luminous Street Festival. The Town Centre will light-up with immersive and interactive activities, including light projections, a silent disco and crafts for the whole family. This free event is open to all ages.
Curtin University hosts TASTE, this Saturday. With entertainment, live DJs, giveaways and thousands of food samples to be tried, head down from 11am to 4pm for some good times and great flavours!
We will be opening our many wonderful properties over the weekend, an if you are looking to buy, sell or lease, we look forward to meeting you at one of our home opens.
As always, we welcome your calls and look forward to helping you.
