REIWA
Rentals
1,800
REIWA
Vacancy Rate
0.7%
Average
Rent
$640
The Apartment Gap
Recently the Australian Financial Review newspaper highlighted a concept titled The Apartment Trap.
The rationale behind the concept was people finding it increasingly difficult to buy a house in all capital cities of Australia. Therefore, they are getting “a toe in the market” by purchasing an apartment.
The fact showed that the apartment market was going up by considerably less than that of houses.
Apartment owners are seeing house values exceed unit price, resulting in either the occupier having to remain in an apartment or perhaps move to a house in a less desirable location. Many apartments are smaller than the buyers wanted as they may have been built for in the investor market.
Tenants and investors preferred to buy 2 bedroom, 2 bathroom apartments (2×2), rather than the larger 3 bedroom, 2 bath apartments. Developers can build more 2×2 apartments than the larger 3×2 and maximise their profits.
(Source, The Financial Review and CoreLogic)
The Density Gap
It has been noted that zoning coding is promoting large-scale, high-density building, especially near the Canning Bridge area and across both Como and Applecross.
There is a lack of medium-density development being built by way of villas and townhouses, where there is still strong demand.
Investors Returning
After two years of an outflow of investors from the property market, we noted over the last 3 months that incoming investors heavily outweigh outgoing investors.
This is generally as result of the higher rents being achieved plus strong eastern states demand, especially from Sydney. Trends suggest that Sydney investors are able to get into the Perth market but not into Sydney.
Construction Costs
Anecdotal evidence is the building costs have not dropped, despite a dip in the number of homes being built.
WA’s major infrastructure projects such as the Ellenbrook Metronet, Bunbury bypass and the duplication of the Bussell Highway near Bunbury, are still placing strong demand on material and resources. This has a knock-on effect into residential building where material costs are still high.
RateMyAgent – Australia’s leading review marketing platform for real estate agents and mortgage brokers – has announced Bourkes as the winner for the following titles:
🏆 National Winner, TOP 100 Agency – RANKED #56 (Bourkes)
🏆 State Winner, TOP 10 Agency – RANKED #10 (Bourkes)
🏆 Como, Agent SUBURB WINNER – Tony de Graaf
🏆 Rivervale, Agent SUBURB WINNER – Steven Webster
🏆 Como, Agency SUBURB WINNER (Bourkes)
🏆 South Perth, Agency SUBURB WINNER (Bourkes)
🏆 Rivervale, Agency SUBURB WINNER (Bourkes)
Our 2024 Annual Market Report has been released 🚀
This 65+ page document offers a comprehensive suburb snapshot and summary of the year that was 2023, as well as a 2024 vision from our Principal.
Contact our team to find out how to to get your hands on the link to our digital eEdition.
Our Company News
We are experts in your street
Our front window has been refreshed with our new theme. We’re ready to set the tone for the next few months.
Welcoming Ellie
Ellie brings 7 years of expertise to the table and will be assisting you with your residential property management needs.
A milestone for Joe
Early last month, Joe celebrated 21 years in real estate, pictured above – one of the first action shots back in his PFR days.
“I still love this industry, here’s to many more!”
Tenant of the Month
This month, we would like to feature Temeeka and Jordan of Victoria Park.
They have rented with us for a few years and are a pleasure to deal with. Payments are always on time, maintenance always reported and inspections are great.
Contractor of the Quarter
Over the last quarter, Property Assist have provided exceptional service.
They are always accomodating to our needs, efficient in providing accurate and precise Property Condition Reports, Final Bond Inspections, Routine Inspections & everything in between!
Good Investments
OFFERS FROM $474,000
This stunning, renovated two-bed unit in a small group of four offers its new owner the option to move in or rent it out for healthy return. Conveniently located near the picturesque Neil McDougall Park, Penrhos College, Curtin University & the Preston Street shopping precinct, this one won’t last.
Property Details:
2 x 1 x 1 Unit
BEST OFFER | FROM $500,000
This street front ground floor apartment sits on one of the quietest streets in South Perth and is just a stone’s throw away from the South Perth foreshore. As part of small boutique complex of 8 properties and with a private garden which rivals many larger homes this is a listing to get excited about.
Property Details:
2 x 1 x 1 Apartment
OFFERS IN MID TO HIGH $400’s
If you are looking for a recently renovated & LARGER, two bed, low maintenance property in a fantastic location then look no further. This hidden gem brings together a long list of attractive features into a wonderful future home or investment property.
Property Details:
2 x 1 x 1 Unit
