Subiaco PROPERTY REPORT
Q3 2024
Are you ready to unlock your property potential? We empower buyers, sellers, and investors with rich property insights to make smarter decisions. Our indepth analysis helps you uncover hidden opportunities in the market, understand the speci!c characteristics of your target area, and evaluate key trends that shape the market. With this knowledge, you can con!dently navigate the property journey, whether you're searching for your dream home, seeking to maximise your sale price, or strategically building your investment portfolio.
Cover Photo Courtesy of Tasha Tylee
Dear reader,
In response to overwhelming feedback from residents, we are delighted to present this comprehensive Q3 report on Subiaco's thriving property market and vibrant community. Based on your comments, we have carefully selected the topics covered to provide a nuanced understanding of the area, enabling you to make informed decisions as a resident, investor, or potential buyer.
Explore the recent market activity in Q3 and discover the factors that contribute to Subiaco's dynamic appeal. Learn about the upcoming street arts festival, a vibrant celebration of creativity that promises to infuse the neighbourhood with colour and culture. Discover why Subiaco has gained national recognition for its economic contributions, a testament to the suburb's ability to balance preservation with progress.
For those interested in Subiaco's rich history, we share the intricacies of insuring, buying, and selling heritage property, including the history of Perth home design and showcasing impressive restored heritage homes. Explore the challenges and rewards of owning heritage property, from the intricacies of insurance to the unique opportunities for customisation.
Have you ever encountered a neighbourly dispute? Our dedicated section addresses common issues that can arise between neighbours, providing practical advice on how to navigate these challenges and maintain positive relationships. To help you maintain a beautiful garden and foster a sense of community, we offer a handy Spring and Summer checklist.
We provide a clear overview of recent listing activity and median sales values, giving you a comprehensive understanding of Subiaco's real estate landscape. Discover the latest trends and insights for buyers and sellers, including the impact of recent market changes on property prices and availability.
Discover the potential that Subiaco offers. Explore market trends, discover local highlights, and gain valuable insights to grasp Subiaco's evolving story. There is so much to explore in this vibrant community, and we encourage you to delve deeper with us.
Sincerely,
Justin Dixon Property Consultant
Become What You Dream To Be.
Art from the “Paint Subi” project 2017. Artist: Hayley Welsh
Q3 Perth Property Update:
Perth's Housing Market Defies National Trends
In a remarkable display of market resilience, Perth's housing sector continues to forge its own path. The Western Australian capital has posted an impressive 2% growth in August alone, adding approximately $15,100 to median dwelling values and cementing its position as one of Australia's strongest performing property markets.
The city's annual growth !gure of 24.4% - the highest since the twelve months ending February 2007 - tells a compelling story of a market that is thriving. In a historic shift, Perth's median dwelling values have now surpassed Melbourne's for the !rst time since February 2015, marking a signi!cant change in Australia's property landscape.
This exceptional performance is largely driven by a severe shortage of available properties, with listings sitting 44% below the !ve-year average. The scarcity has created highly competitive conditions where properties are being snapped up in a median time of just eleven days - a clear indicator of the market's intensity.
At the suburb level, the strength of Perth's market becomes even more apparent. Every single one of the city's 302 analysed suburbs recorded value increases, ranging from 1.8% in Marmion to a stunning 10.6% in Henley Brook. This universal growth stands in stark contrast to the national picture, where 29.2% of suburbs are experiencing quarterly declines.
Home Value Index
As at 30 September, 2024
Source: CoreLogic Home Value Index
The transformation of Perth's market is particularly striking when compared to the three months to September 2022, when just over 60% of suburbs were in decline. Today, not a single Perth suburb analysed shows falling values - a complete reversal that underscores the market's robust recovery.
For renters, there's a glimmer of hope as monthly rental growth has slowed to 0.1%, the lowest rate since July 2021. However, the rental market remains tight, contributing alongside population growth and relative affordability to the overall strength of the housing market.
Looking ahead, while there are expectations that the spring selling season might bring some moderation in growth rates, Perth's fundamental drivers remain strong. After a decade of relatively "at housing values, the past 15 months have seen the market reach new peaks, supported by the city's comparative affordability, strong population growth, and constrained rental conditions.
This remarkable performance suggests that while other Australian capitals may face headwinds, Perth's property market has found its own rhythm, underpinned by unique local factors that continue to drive growth despite broader national trends.
$1,822,692
House Unit
Q3 Median Value: Subiaco
Source: CoreLogic
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NMBW Street Art Festival
Award Nominations
October 17th - 27th
Subiaco's Street Art Party
The "No More Blank Walls" (NMBW) festival is back and bigger than ever, turning the city into a canvas of creativity.
From massive murals to a pop-up gallery, there's something for everyone. Join the fun, meet talented artists from around the globe, and soak up the vibrant energy of Subiaco.
The festival is organised by Blank Walls, a local crew of street art enthusiasts. They're bringing in world-class artists to transform the city's landscape into stunning masterpieces.
Think Brisbane’s So"es, Indonesia’s Wild Drawing, and Curtis Hylton from the United Kingdom. With a diverse range of styles and techniques, these artists will
bring a new creative "are to the precinct, solidifying its status as a cultural hotspot, and attracting art enthusiasts from near and far.
Beyond the visual spectacle, the festival will also feature a variety of interactive events, like workshops, tours, mural battles, and live art activities.
These events will foster a sense of connection and creativity within the community, providing opportunities for both artists and the public to participate in the artistic process.
In addition to the artistic highlights, the festival will also offer a vibrant festival hub where attendees can enjoy delicious food, refreshing drinks, and live entertainment.
This central gathering place will create a welcoming atmosphere where people can connect, relax, and celebrate the spirit of the festival.
The "No More Blank Walls" festival is more than just a showcase of street art; it's a celebration of creativity, community, and the transformative power of art. By bringing together artists
from around the world and engaging the public in interactive events, the festival is creating a lasting legacy that will continue to inspire and enrich the community for years to come.
So mark your calendars and get ready to be amazed! This is going to be a street art event you won't want to miss. Subiaco will be transformed into a canvas of creativity, offering a unique and unforgettable experience for residents and visitors alike.
Artwork: “Einstein vs. Google®” by Marley Balog (2012)
Artists
A multidisciplinary artist and designer, based in Perth, Western Australia. With a background in Community Development, she is a Visual Art educator with experience facilitating learning within the arts.
Is a muralist based in the UK, skilled in the art of creating large scale murals using spray paint with his trademark work incorporating a fusion of nature with wildlife can be seen across the UK, Europe and further a!eld internationally.
Curtis Hylton
Tessa Dorotich
Sofles
An Australian graf ! ti artist originating from Brisbane. Selftaught, he has been honing his skills for over 20 years, exploring various mediums such as spray paint, acrylic, drawing and brush painting, as well as digital and illustration works.
WD (Wild Drawing)
He has carried out solo exhibitions, and participated in numerous group shows and festivals, in Indonesia, Greece, France, Germany, England, Italy, Malta, Switzerland, Denmark, Sweden. Currently he lives and works in Athens, Greece.
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A City in Bloom:
Subi's Flourishing Economic Landscape
Subiaco is a prime example of how a city can become a thriving hub of economic activity. This place has not only captured the hearts of its residents but has also garnered national recognition for its exceptional contributions to economic development.
A City Celebrated for Its Economic Achievements
Subiaco has been honoured with multiple award nominations, a testament to its innovative approach to economic growth. One of its most notable achievements is Subi Blooms, an annual Mother's Day event that has been shortlisted for the prestigious National Event Award. This event showcases the city's commitment to fostering a vibrant community while also contributing to economic prosperity.
Strategic Thinking for Sustainable Growth
Beneath the surface of Subiaco's vibrant events lies a city with a remarkable economic strategy. The city has secured a nomination for the Economic Development Strategic Thinking Award, recognising its innovative and effective approaches to fostering economic growth. This award celebrates organisations that have made a signi!cant impact on their communities through place-based solutions.
A Portfolio of Success
Subiaco's impressive portfolio of nominated projects highlights its commitment to supporting local businesses, promoting sustainability, and enhancing the cultural landscape. Thriving Walmsley Windows and community-driven Subiaco Object Exchange are just two examples of initiatives that contribute to the city's vibrant tapestry.
One of the city's most noteworthy projects is the Public Realm Integrated Art at Postal Walk. This innovative initiative has transformed the area into a cultural hub, attracting visitors and inspiring creativity. Additionally, ARTFORM Magazine, a cultural publication that showcases local talent, has played a vital role in promoting the city's artistic community.
A Vibrant Cultural Scene
Subiaco's commitment to fostering a vibrant cultural scene is evident in the immersive art experiences integrated into Subi Blooms 2024. These unique and engaging experiences offer residents and visitors opportunities to connect with art and culture in new and exciting ways.
A City on the Rise
Mayor David McMullen expressed his pride in the city's accomplishments, emphasising the positive impact of these initiatives on the local economy and community. Even if the city doesn't secure the top prize, the mere fact of being a !nalist is a testament to its dedication and progress.
The city's anticipation for the award results underscores Subiaco's status as a thriving community that is establishing new benchmarks for economic development and community involvement. The city's dedication to cultivating a dynamic and inclusive
atmosphere serves as an inspiration for other municipalities aiming to create a more prosperous future for their inhabitants.
Conclusion
Subiaco is a shining example of a city that has successfully balanced economic growth with community development. Through innovative initiatives, strategic thinking, and a commitment to fostering a vibrant cultural scene, the city has created a thriving environment for its residents and businesses. As it awaits the results of its award nominations, we can be con!dent in its positive impact on the local community and its bright future.
Artist: Jessee Lee Johns (He/Him)
Work: The Subiaco Object Exchange (2023)
Location: City of Subiaco, Western Australia
Community partner: Subiaco Voices of Youth
Images: City of Subiaco, Spaced
Owning a Heritage Home: A Comprehensive Guide
Owning a heritage home is a unique and rewarding experience. These historic properties offer a connection to the past, a sense of character, and a lasting legacy. However, they also come with speci!c challenges and responsibilities.
Understanding the Allure of Heritage Homes
Heritage homes are more than just dwellings; they are living testaments to the past. Their unique features, often marked by intricate details and timeless architecture, evoke a sense of nostalgia and charm.
What to Consider When Buying a Heritage Home
• History and Signi!cance: Research the home's historical signi!cance, including its age, architectural style, and any notable occupants.
• Condition: Assess the property's condition, including the state of its structure, systems, and original features.
• Zoning Regulations: Check local zoning laws and heritage overlays to understand any restrictions or requirements for the property.
• Maintenance Needs: Factor in potential maintenance costs, including repairs, restoration, and specialised care for unique features.
• Community Support: Consider the level of community support available for heritage home owners, such as local organisations or societies.
Ownership and Maintenance
• Preservation Plan: Develop a preservation plan outlining your goals for maintaining and restoring the home's historical integrity.
• Building a Team: Assemble a team of professionals, including architects, builders, and tradespeople, who specialise in heritage restoration.
• Maintenance Budget: Allocate a budget for regular maintenance, repairs, and potential restoration projects.
• Community Involvement: Connect with local heritage organisations or societies for support, advice, and potential funding opportunities.
• Education: Continuously learn about heritage preservation techniques and best practices.
Insurance Considerations
• Specialised Coverage: Seek out insurance providers that offer specialised policies designed for heritage homes.
• Property Condition: Ensure your home is well-maintained and occupied to improve insurability.
• Coverage Limits: Verify that your policy provides suf!cient coverage to replace materials and restore the home to its original state.
• Regular Reviews: Review your insurance coverage periodically to ensure it remains adequate as your home's needs change.
The Rewards of Heritage Home Ownership
• A Connection to the Past: sense of belonging and connection to previous generations.
• Unique Character: and charming living space that stands out from modern homes.
• Investment Potential: homes can appreciate in value over time, especially in desirable locations.
• Community Engagement: Opportunities to contribute to local heritage preservation efforts and connect with like-minded individuals.
By understanding the unique challenges and rewards of heritage home ownership, and by taking proactive steps to preserve the property's historical integrity, you can enjoy a ful!lling and rewarding experience.
For more information on Selling heritage listed properties and insuring your heritage property refer to the Heritage Council’ guides.
Additional Resources
Developing & Maintaining Heritage Heritage Incentives & Assistance
To secure the right coverage, consider these steps:
• Direct Contact: Reach out to your insurance provider directly. A knowledgeable agent can assess your home's speci!c needs and tailor a suitable policy.
• Broker Assistance: An insurance broker can act as your advocate, helping you compare different options and negotiate favourable terms.
When evaluating insurance options, keep these key factors in mind:
• Property Condition: A wellmaintained and occupied heritage home is more likely to be insurable.
• Coverage Limits: Ensure your policy provides suf!cient coverage to replace materials and restore your home to its original state.
• Specialised Policies: Some insurers offer specialised policies designed for heritage properties. Inquire about these options.
By understanding the unique insurance needs of heritage homes and taking proactive steps, you can protect your invaluable asset. Remember, insurance is not just a !nancial necessity; it's a crucial investment in preserving your home's historical signi!cance for generations to come.
For more information on Buying and Selling heritage listed properties and insuring your heritage property refer to the Heritage Council’ guides.
A Home's Journey: Perth's Architectural Evolution
Have you ever wondered about the stories hidden within the walls of your home?
Every brick, every beam, tells a tale of the people who shaped it, the times they lived in, and the aspirations they held. Perth's architectural journey is a fascinating tapestry woven with threads of history, culture, and human ingenuity.
In the early days of the Swan River Colony, Perth's homes mirrored the English Georgian style, characterised by symmetry, practicality, and an emphasis on order.
These sturdy structures, often equiped with verandas to combat the Australian heat, laid the foundation for the city's architectural heritage.
The Georgian Era
Georgian architecture, prevalent in Perth during the early 19th century, was characterised by its symmetrical facades, rectangular shapes, and simple proportions. The use of brick and double-hung sash windows was a common feature, re"ecting the in"uence of English building practices.
However, the Australian climate necessitated adaptations. Verandas, originally designed as open-air extensions to the main building, became a staple of Perth homes. These verandas provided shade, ventilation, and a space for outdoor living, allowing residents to enjoy the warm weather while remaining protected from the sun.
Victorian Splendour
The Victorian era, spanning from the mid-19th century to the early 20th century, witnessed a signi!cant expansion of Perth's built environment. The gold rushes and agricultural boom fuelled a period of rapid growth and prosperity, leading to a surge in construction activity.
Victorian architecture, with its ornate details and decorative elements, became a dominant style during this time. From the humble workers' cottage to the grand mansion, Victorian homes re"ected the diverse tastes and social status of their occupants.
The early Victorian period was characterised by a more restrained aesthetic, with simpler designs and fewer decorative features. However, as the Victorian era progressed, the style became increasingly elaborate, incorporating elements such as cast iron lacework, stained glass windows, and decorative brickwork.
The Italianate In"uence
Another popular architectural style during the 19th century was Italianate. Inspired by the Tuscan farmhouses of medieval Italy, Italianate homes often featured stucco exteriors, stone detailing, and red tile roofs. These elegant structures exuded a sense of sophistication and wealth, making them highly desirable among Perth's af"uent residents.
Federation Style
The Federation era, which coincided with the establishment of the Commonwealth of Australia in 1901, saw the development of a distinctive architectural style that re"ected the nation's newfound identity. Federation architecture was characterised by its blend of Queen Anne and Edwardian elements, incorporating features such as gabled roofs, bay windows, and decorative timber work.
One of the most iconic examples of Federation architecture in Perth is the Government House, a grand residence built in the early 20th century. This elegant building showcases the intricate details and craftsmanship that were hallmarks of the Federation style.
The Californian Bungalow
In the early 20th century, the Californian bungalow gained popularity in Australia, offering a more relaxed and informal alternative to the traditional Victorian home. Characterised by its low-pitched roof, wide eaves, and emphasis on indoor-outdoor living, the Californian bungalow was well-suited to the Australian climate.
These homes often featured open-plan living areas, large verandas, and spacious gardens. The Californian bungalow's popularity can be attributed to its casual and inviting atmosphere, which resonated with the changing lifestyles of Australians in the early 20th century.
Art Deco Elegance: A Modern Aesthetic
The Art Deco era, which "ourished in the 1920s and 1930s, brought a new sense of modernity and sophistication to Perth's architecture. Characterised by its geometric shapes, streamlined forms, and luxurious materials, Art Deco buildings exuded a sense of glamour and opulence.
The Art Deco movement's in"uence extended beyond cinemas and hotels to encompass a diverse array of building types, including private residences. Bold colours, decorative motifs, and innovative materials like chrome and glass were distinctive hallmarks of the Art Deco style.
Modernist Architecture: A Focus on Function and Form
The mid-20th century witnessed the rise of Modernist architecture, a movement that emphasised function, simplicity, and clean lines. Modernist homes often featured "at roofs, large windows, and open-plan layouts. The focus was on creating functional and ef!cient spaces that were well-suited to modern lifestyles.
One of the most in"uential architects of the Modernist era was Frank Lloyd Wright, whose work had a profound impact on Australian architecture. Wright's emphasis on organic design and integration with the natural environment inspired many Australian architects to explore new and innovative approaches to building.
Contemporary Perth: A Blend of Old and New
Today, Perth's architectural landscape re"ects a diverse range of styles, from historic heritagelisted buildings to contemporary modern designs. The city's commitment to preserving its heritage while embracing new trends has resulted in a vibrant and dynamic urban environment.
The city's diverse range of styles, from the early Georgian homes to the contemporary skyscrapers, offers a glimpse into its rich history and bright future.
Illustration provided by Scribbled by Nina
The beauty of a home lies in its unique story. Scribbled by Nina captures the character, warmth, and charm of each dwelling, creating one-of-a-kind scribbles that celebrate individuality. Nina transforms houses into works of art by focusing on unique details, telling compelling stories.
Scribbled by Nina brings each home to life through her artistic vision, whether it's whimsical Victorian asymmetry, cozy rustic irregularities, or modern clean lines. Let her transform your house into a masterpiece that tells your story.
Neighbourly Disputes:
A Guide to Peaceful Resolutions
EVER FOUND YOURSELF AT ODDS WITH YOUR NEIGHBOURS OVER SOMETHING AS SEEMINGLY SIMPLE AS A FENCE, A TREE, OR A PET?
It happens more often than you might think. But don't worry, you're not alone.
Here's a guide to navigating these common neighbourly disputes with grace and diplomacy.
Disclaimer: This document is provided as a guide only. This information may not be appropriate to your speci!c situation and you should seek independent legal advice for your individual situation. Published October 2024.
Fence Fiascos
Fences can be a real source of contention. Whether it's the height, the style, or who's footing the bill, fence disputes can quickly escalate. Remember, the golden rule is usually to split the cost down the middle. But if your neighbours demands are unreasonable, it might be time for a conversation.
• Talk it out: The best approach is always to have a calm and respectful chat. Try to understand your neighbours perspective and !nd a compromise that works for both of you.
• Put it in writing: If a verbal agreement isn't possible, write down your proposal and share it with your neighbour. This can help keep things on track and prevent misunderstandings.
• Seek legal advice: If all else fails, consulting a local attorney can provide guidance on your rights and options.
Fence disputes in WA are governed by the Dividing Fences Act 1961.
Tree Trouble
Overhanging branches or intrusive roots can be a real nuisance. Before taking drastic measures, try to resolve the issue amicably.
Start with a conversation: A friendly chat with your neighbour can often clear up misunderstandings and !nd a solution.
Trim responsibly: If the tree is on your property and its branches are overhanging, you can trim them back. However, avoid trespassing onto your neighbours property.
Consider mediation: If you can't agree on a solution, mediation can provide a neutral platform for resolving the dispute.
Pet Peeves
Noisy pets, messy yards, and other pet-related issues can strain neighbourly relationships.
Communicate openly: A direct conversation with your neighbour is often the best way to address pet problems. Be respectful and try to !nd a mutually agreeable solution.
Report issues: If your neighbours pet is causing signi!cant disturbances, you may need to report it to your local animal control or police department.
Noise Complaints
Loud parties, construction noise, or barking dogs can be a major source of stress.
Talk it out: A friendly conversation with your neighbour is often the !rst step in resolving noise issues. Explain how the noise is affecting you and ask them to be considerate.
Report excessive noise: If the noise is excessive or persistent, report it to your local authorities.
Seek legal action: In extreme cases, you may have legal recourse if the noise is causing you substantial distress.
Power tools and other noisy equipment are not to be used for more than two hours a day between the hours of 7 am and 7 pm Monday to Saturday, or between 8 am and 7 pm on Sunday.
Remember, the key to resolving neighbourly disputes is effective communication, understanding, and a willingness to !nd common ground. By approaching these issues with patience and respect, you can maintain positive relationships with your neighbours and create a more harmonious living environment.
For further information on the disputes mentioned in this article, you can visit the links provided below.
Dividing Fence | Tree | Pets | Noise
The Garden's Awakening: Nurturing Growth and Resilience
Spring is a time of rebirth, a season when nature awakens from its winter dormancy. In the garden, this awakening is a symphony of growth, a burst of vibrant colours, and a promise of bountiful harvests. However, to fully embrace this joyous season, careful planning and tending are essential.
Spring's Gentle Touch
As the days lengthen and the temperatures rise, the garden begins its transformation. New shoots emerge from the soil, buds swell, and the !rst tentative blooms appear. It is a time of great potential, but also a period that requires attention.
• Pruning and Shaping: Winter pruning sets the stage for healthy growth. By removing dead or damaged branches, we encourage new, vigorous growth. Shaping deciduous trees not only enhances their aesthetic appeal but also improves their structure and promotes healthy development.
• Nourishing the Earth: Spring is the ideal time to replenish the soil's nutrients. Organic materials and fertilisers provide the essential nourishment that plants need to thrive. A balanced diet ensures robust growth and vibrant blooms.
Summer's Fiery Embrace
Summer, with its scorching heat and intense sunlight, can be a challenging season for gardens. Yet, with proper care, it can also be a time of abundant beauty and productivity.
• Moisture Management: The key to thriving summer gardens is effective moisture management. Mulching helps retain soil moisture, preventing evaporation and cooling the root zone. Regular irrigation, adjusted to meet the speci!c needs of different plants, is crucial.
Protection from the Elements: Shade can be a lifesaver for plants susceptible to heat stress. Strategically placed shade structures or potted plants moved to sheltered areas can provide much-needed relief.
Pest
and
Disease Control:
Summer's warm, humid conditions can create ideal environments for pests and diseases. Regular inspections and timely treatments can help prevent infestations and maintain healthy plants.
A Harmonious Balance
Gardening can also enhance the perceived value and appeal of a home. Well-maintained gardens create a positive !rst impression and can signi!cantly increase property values.
Moreover, gardens can contribute to a sense of community and social connection. Neighbours may be drawn to the beauty of a well-kept garden, leading to increased interaction and a stronger sense of belonging.
Did you Know?
By investing time and effort into gardening, homeowners can not only enjoy the personal bene!ts but also create a more welcoming and attractive living environment that bene!ts both themselves and their community.
A 2021 study conducted by the University of Western Australia found that the presence of quality landscaping, including a well-designed garden, paved areas, and water features, can increase a property's value by up to 20%.
Spring Garden Checklist
Pruning:
Prune winter-"owering plants to encourage new growth. Why: Doing this promotes healthier plants and more abundant blooms.
Irrigation:
Conduct a thorough irrigation system check. Adjust irrigation run times to match seasonal needs. Why: Ensure optimal water distribution and ef!ciency.
Fertilising:
Apply liquid and quick-release fertilisers. Why: To promote new growth, vibrant colours, and overall plant health.
Also Consider:
Using slow-release fertilisers for sustained nutrient delivery. Incorporate organic materials to enrich the soil.
Pest Control:
Spray for pests on new plant growth. Why: Doing this can prevent infestations and protect your plants.
Tree Care:
Shape deciduous trees.
Why: To improve tree structure and stimulate new growth.
Summer Garden Checklist
Moisture Management:
Apply soil wetting agents.
Monitor soil moisture levels and adjust irrigation as needed.
Why: To improve soil moisture retention and reduce water loss.
Plant Care:
Trim hedges and plants lightly.
Provide shade for sensitive plants.
Apply mulch to conserve moisture and protect roots.
Why: Doing this will help maintain shape and promote healthy growth without burning tips.
Flower Care:
Continue deadheading "owers.
Shorten rose stems and fertilise regularly. Why: To encourage continuous blooming.
Stress Management & Support
Apply seaweed extracts.
Why: This will limit heat stress and promote plant resilience.
Tie up tall-growing plants.
Why: To prevent breakage and maintain plant structure.
Pest and Disease Control:
Spray for pests and watch for fungal problems.
Why: Doing this will help protect plants from infestations and diseases.
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Overview of Current Market Conditions
Investor Activity Continues to Rise
Investors have consistently increased their share of overall loan commitments, reaching 38.3% in July from 37.7% in June. This trend is particularly pronounced in WA, where investor lending has nearly doubled over the past year, accounting for over 40% of all !nance secured in the state through July.
Interest Rates and In!ation
The Reserve Bank of Australia (RBA) maintained the cash rate at its August meeting, marking the sixth consecutive pause. However, recent data suggests that in"ation may be easing. The monthly Consumer Price Index (CPI) for July recorded a quarterly increase of 0.4% and an annual rise of 3.5%, down from the previous quarter's !gures. While some of this decline can be attributed to energy rebates, the overall trend indicates a potential softening in in"ationary pressures.
Retail spending remained "at in July, suggesting that consumers are becoming more cautious with their discretionary spending due to rising living costs and debt servicing obligations.
Mortgage Market
Interest rates for both owner-occupiers and investors have remained relatively stable throughout 2024. Fixed rates for terms of three years or more continue to be the highest, averaging 6.56% for owner-occupiers and 7.45% for investors.
While mortgage originations for riskier lending types, such as interest-only and high Loan-to-Value Ratio (LVR) loans, remain near historical lows, there are signs that lending policies may be loosening slightly. The share of interest-only and high LVR loans has increased modestly over the past six months, although it remains well below its peak levels in the mid-2010s.
Key Takeaways:
• Investor activity in the housing market continues to grow, especially in Western Australia.
• In"ationary pressures may be easing, but consumers remain cautious with their spending.
• Interest rates for mortgages have remained relatively stable, although !xed rates remain higher than variable rates.
• Lending policies for riskier loan types are showing signs of relaxation, but remain relatively tight.
Please Note: This overview is based on information available up to September 30th 2024. Market conditions can change rapidly, so it is advisable to consult with a financial advisor for the most upto-date information.
Listing Report
July 1st - Sept 30th
Listings By Property Type
Average Number of Days On Market
Up to $999,000
$1,000,000 - $1,999,999
Undisclosed Up to $300,000
$301,000 - $699,999
$700,000 - $999,999
$1,000,000 - $1,999,999
Undisclosed
Source: CoreLogic
Did you know?
Early timber homes were often replaced with brick, meaning that by 1921, 60% of Subiaco’s residences were brick houses.
With a keen eye for opportunity and a global perspective honed over 25 years, Justin serves as your trusted advisor, ensuring you navigate the everevolving property market with confidence. Leveraging a unique blend of digital marketing expertise, contract law knowledge, and skilled negotiation tactics, Justin tailors insightful analysis to your specific goals, whether you seek the charm of a heritage property, the comfort of an established dwelling, or the modern appeal of an o"-plan apartment.
As an accredited REIWA Selling and Buyers Agent with a proven track record, Justin possesses the knowledge and experience to confidently navigate the market on your behalf. A dedicated industry advocate and member of the REIWA Sales and Buyers Agent Network Commi!ee, Justin actively helps contribute to best practices within the state, ensuring you benefit from the latest market knowledge and insights.
But what truly sets Justin apart is the measurable advantage he provides clients. Having been fortunate enough to practice in international markets, Justin has gained a unique insight into elements of the transaction that are often overlooked by others. This translates to strategic guidance that empowers you to make informed decisions and achieve superior outcomes, whether you're buying, selling, or investing in WA property.
For homeowners, Justin understands the importance of securing the most value from your sale and seamlessly transitioning to your next dream home. He'll be by your side throughout the entire process, ensuring a smooth and successful outcome.
By choosing Justin, you gain a trusted advisor with a global perspective, maximising your opportunity to achieve superior results in the WA property market.
Appendices
Listings Report
RP Data ‘On The Market Report’ (Subiaco: Period from July 1st 2024 - Sept 30th 2024)
Sales Report
RP Data ‘Sales History Report’ (Subiaco: Period from July 1st 2024 - Sept 30th 2024)
Investor Report
RP Data ‘Rental Comparison Report’ (Subiaco: Period from July 1st 2024 - Sept 30th 2024)
The average difference between the !rst and last advertised price or contract price (were provided) on a property, within the speci!ed region. Auction listings and listings without advertised prices are excluded from the calculation. Average Vendor Discount
Total Rental Listings
The number of properties that have been advertised For Rent and captured by CoreLogic within the speci!ed region. Only those rental listings which Corelogic has been able to match to an address within its database of property information have been included in this metric.
Sources
Did you know?
Landscaping - page 38
Source: research-repository.uwa.edu.au
Author: N Pauli
Date: February 2021
Timber Homes - page 44
Source: City of Subiaco | Local Heritage Survey West Subiaco Precinct
Date: January 2022
New Sale Listings
The number of properties that have been newly advertised For Sale and captured by CoreLogic within the speci!ed region. A new listing is one that hasn’t been previously advertised across any monitored source. Only those listings within CoreLogic has been able to match to an address within its database of property information have been included in this metric.
Average Days on Market
The average number of days properties are actively listed, within the speci!ed region. The Days on Market calculation compares the !rst advertised date with either the advised contract or withdrawn date on the property to calculate this metric.
Recently Advised Sales
The number of properties that have had a sale provided by a source other than a government authority within the speci ! ed region. Nongovernment sources include real estate agents and agencies, advertised portals and results collected via auction reporting. Only those sales which CoreLogic has been able to match to an address within its database of property information have been included in this metric.
Recently Withdrawn Advice
The number of for sale or for rent properties that have been withdrawn from the market and captured by CoreLogic, within the speci!ed region. Only those sales or rental listings which CoreLogic has been able to match to an address within its database of property information have been included in this metric.
While every effort is made to ensure the information provided is up-to-date, Bellcourt cannot guarantee the absolute accuracy or comprehensiveness of the data and information contained within this publication. To the fullest extent permitted by law, Bellcourt excludes all liability for any loss or damage arising from the use of the data and information in this publication.
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