The property management market remained relatively stable over the last quarter with an under supply of available rentals (at 1763) – a decrease of 1.6% over the last month but a significant 21% decrease compared to this time last year. Rents haven't yet skyrocketed but they are slowly increasing, with the promise of stronger returns on the horizon for our investors.
We recently had 45 attendees at an extended home open. So, demand is still very strong but without any solution insight. It is now not only difficult for our kids to buy a home but also to rent one!
The interest rate increases have started to “bite” in certain sectors of the sales market, with home open attendees dropping to an average of 2 to 3 per home open. This has resulted in longer days on market and some softening in sellers’ expectations.
Prices haven’t dropped here in Perth, as yet, due to the low listing numbers at 8,250 while sales have remained consistent with around 900 sales per week.
Treasury estimates see inflation lasting longer – well into next year and have downgraded GDP figures from 2.5% growth to 1.5% growth over the next 12 months.
Astute investors will study properties where properties have been listed at too high a price and bid on these after 60 days – hoping to find a desperate seller or someone who’s got despondent about their property.
We believe we will see 12 months of a relatively stable market before the market improves again in 2024. By then, rents will be up and values should take off in 2024 ( barring some world calamity).
'Get in for Christmas'
With just 5 weekends until Christmas, its around this time of year that we tend to see a hunger for buyers to make their way into their new home by the festive period.
While we are swiftly running out of time, it isn’t too late to take advantage of this if your property is on the market.
If you’re interested in discovering your options, contact the Bourkes team today.
Tenant of the Month
Congratulations to one of our Como tenants for being crowned our latest Tenant of the Month! He was welcomed to the Bourkes community as a tenant in June 2022 as since then has been a perfect tenant. His unit is immaculately presented, he’s always on time for payments and is an all-round delight.
Contractor of the Quarter
Our Contractor of the Quarter is the team from Steineck Plumbing. Our Property Management team can always rely on them for fast, seamless communication, to get the job done in a timely manner and to make their lives that little bit easier. Our property management team, tenants and landlords are always appreciative to have such strong contractors in the community and the Steineck team is no different.
For all your Plumbing needs, contact them on 08 9313 1083 today.
Suit Buyers in the $300Ks
Tucked away in the middle of a small group of just 9 apartments located on the first floor, this great little property to hit the market incorporates a neat design with 30 course high ceilings, timber floorboards, a well-appointed kitchen that boosts stone bench tops and modern appliances including a stainless steel dishwasher.
1 x 1 x 1 Apartment
Suit Buyers in the High $200Ks
Welcome to this neatly presented two-bedroom, one-bath first-floor apartment complete with stunning Swan River views. You will enjoy a good size carpeted lounge room and dining area with a balcony leading outside so you can watch the array of wildlife that call this part of the river home whilst watching the spectacular sunsets over the Swan River.
2 x 1 x 1 Apartment
Offers Above $419,000
Live a resort lifestyle at Park Avenue Apartments in this 1 bedroom 1 bathroom stylish abode.
Freshly painted throughout and well maintained by the owners, this home has loads going for it! One of the best 1 bedroom layouts I’ve seen in this complex with no wasted space or hallways. Bamboo floors through the living and carpet to the bedroom. Great size balcony and the morning sun lights up this apartment as the balcony faces East.
1 x 1 x 1 Apartment