The Latest National Bank Residential Survey.
There were some interesting facts in the latest NAB survey for September 2023.
Nationally they predict that prices will have risen by 8% in 2023 and they predict a 5% growth in 2024 across all capital cities. They also predict the rents in W.A. will increase by 4.6% next year and 4% the year after.
So, it seems W.A. is near the top of this current price cycle. Prices won’t keep pace with inflation in 2024. Rents will stabilise in real terms. So, if you want a sign as to when to sell this might be it. Prices are not predicted to fall in W.A. but stabilise in 2024.
But we all know “predicting is difficult, especially about the future.” (Yoki Berra)
(Source, NAB Residential Property Survey Q3 2023)
On the Ground
Strong buyer demand is still evident, especially in the $500,000-$800,000 bracket with multiple offers still the norm.
Eastern states investors are very active in the $400,000-$600,000 range.
In addition to this, overseas buyers nationally are accounting for 10% of all the buyers, but this is not so prevalent in W.A.
Average home rentals have increased 20% over the last 12 months.
Median unit rents rose from $450 to $550 over 12 months and to $600 a week for houses.
Award winners again!
Last Thursday night Bourkes won the prestigious REIWA Award for Excellence, Medium Agent of the Year Award. We are honoured to have not only won it, but this brings us to 3 times and a qualifies us for the “Hall of Fame” winners for 2024. We will be present in May 2024 for the National Awards in Hobart to see the outcome of the National Award for the Medium Agency of the Year.
Rebranded & Relaunched, Perth Property Pod
We are thrilled to re-launch Perth Property Pod! It is designed to be a learning resource for clients to better understand the real estate process and elements.
Following a brand refresh, we are now live across Spotify and have a growing library of over 10+ episodes. Some of the episodes cover topics such as – What’s the Perth market doing, The stages of selling your home, The 3 P’s of Property, Offers and negotiating, Settlements, Styling and Styling.
Adding or Releasing Value
The next podcast will be talking about adding value or releasing value for buyers and investors. A summary of the topics is shortlisted below as to how we believe we can increase the value of assets.
- Painting – often the cheapest way to transform internally and externally.
- Add a study nook – if you’ve got a nook purpose build a desk and a study nook.
- Spray Paint cabinets and Tiles – no need to re-tile just re-paint. Modern coatings last long term and transform properties fast and efficiently.
- Resurface kitchen Benchtops – if Laminex, try and transform into stone or granite.
- Turn single carports into double Carports – if you have enough width to do so.
- Turn single carport into garages if possible, this provides security for cars and bikes.
- Add a bathroom – often there is space to the external of a bedroom, perhaps into a balcony space or into a cupboard space.
- Subdivide off the rear land – if the land is zoned for development then subdividing off a rear portion of land will release value.
- Create a survey title, where there is an existing built strata title. This will increase the land value and often that will exceed that of the unit value.
If you are interested in discussing any of these options with your property, please call Alan Bourke to discuss on 0419 474 240.
Tenant of the Month
This month, we proudly shine a spotlight on Roberta & Francesco.
They are very pleasant to deal with. Payments are always on time, inspections are wonderful, report maintenance always on time and allow access to trades.
Contractor of the Quarter
Over the last quarter, Casotti Plumbers have provided exceptional service.
They attend very quickly, their scheduling team are lovely and prices are competitive! Thank you to the team at Casotti for always going above and beyond.
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