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realmark.com.au
Over the last 35 years,
Realmark has been committed to understanding Western Australians' living and working environments and the unique lifestyle offered by our beautiful state.
Realest is your comprehensive guide to buying, selling, leasing, and investing in property in WA. In this first issue, we look in-depth at the local property market and the insights it can provide from various perspectives. We tell real stories and share information about our diverse market, which spans commercial, residential and strata properties across metropolitan and regional areas.
These stories inform and resonate with authenticity, showcasing what truly matters while distinguishing Realmark from others in the industry.
Victoria House, Montario Quarter, Shenton Park
ShapeShifter
Matching sites with development outcomes, whether it be apartments in hotel or heritage settings, retail, workplaces or student accommodation.
Kylee Schoonens is the principal of the national architecture and interior design firm Rothelowman and was recently named one of the state’s most influential people by WA Business News in its 2024 edition of Power 500. She speaks to Realest about the power of good design, the value of apartment living, and her vision for Perth's escalating popularity.
Kylee, how did your affiliation with Rothelowman come about? I ran my WA architecture and interiors practice, Fratelle, for 13 years before merging it with Rothelowman at the beginning of 2023. I’ve always had a passion for making Perth a great city and positively impacting how people live here, especially when it comes to architecture and apartment living. About five years ago, I wanted to expand the work Fratelle was creating in WA, so we looked to collaborate with a national firm creating incredibly innovative residential projects across the east coast of Australia and with whom I felt Fratelle’s design ethos and way of working were culturally aligned. This collaboration led to our merger of our belief that, as Rothelowman, we could bring a difference in approach to delivering architecture and interiors in WA.
Since our merger, I have led the Rothelowman team here in WA, and we are dedicated to creating amazing spaces people want to live, work, play and stay in. We are a national firm with five offices across the country, but we operate as one studio – a collective think-tank that allows us to cross-pollinate ideas on design and construction to craft spaces people love living in. Our projects, like our studios, are spread across Australia, but we know the nuances and what makes a design bespoke to its location and we adapt these ideas to WA. As local designers, we understand what WA wants – a relaxed outdoor lifestyle. We have beautiful weather all year round, so we design in a way that allows people to embrace our amazing landscapes, vistas and climate, recognising that Perth is evolving and needs its own nuanced identity, but we incorporate design thinking from the more evolved apartment markets in other cities we work in, including Brisbane, Sydney, Melbourne and the Gold Coast.
Why is your emphasis on designing large-scale developments? Creating communities and responding to great architecture are critical to the evolution of our cities. We collaborate to deliver mixed-use projects such as apartments, hotels, retail, workplaces and student accommodation – spaces where people choose to spend a significant portion of their daily lives. We treat our apartments as neighbourhoods with plenty of communication points. A prime example of this is our apartment project for Realmark, nestled into the high street of an inner Perth suburb – creating a desirable new home for its many residents with a focus on amenities
and experience. In WA, the traditional 4 x 2 freestanding home on a large block close to where we grew up may no longer be an affordable option – so more affordable options are needed to ensure we can provide housing opportunities and viable, thriving neighbourhoods across the city for a wider demographic. We work with our clients to strategise the most appropriate development outcomes for sites, carefully considering housing prices and land values, aiming to create communities where people can live where they choose, in places they are familiar with. We consider how people interact and create opportunities for residents to connect with their neighbours.
The traditional ideas of work-life balance have radically blurred the line between our ‘at work selves’ and our ‘out of work selves’. No longer limited to the confines of the nine-to-five hours or a Monday-Friday work week, our days have become an amalgam of all facets of our lives: work and play inclusive. This blur means that we create places of the scale that allow people to experience work, life, play and stay all in the same place. »
The Claremont Hotel, WA
How can architecture be used as a powerful tool in this current climate? Rothelowman’s ability as architects to synthesise creative design capacity, commercial intelligence and an acute sensibility towards the built environment distinguishes our practice and impacts how people live, every day. We craft beautiful spaces occupants feel proud to live in. Our work continues beyond the site's boundaries; we consider our buildings, how they sit on the site, and their impact within the wider context. We design from the inside out before considering how they look from the outside, because if you have a beautiful plan, you have a beautiful building.
Considering today's environmental challenges, how do you see architects' role in shaping sustainable communities? We don't consider sustainability an addon element; it's intrinsic in every part of the built-form, and we consider it from the outset. Sustainability guides how we design spaces. It informs an efficient layout, the amount of natural light each space receives, connection to the country, and the building's operational cost. Crafting sustainable and pleasant spaces for people to live in means they are never too hot or cold, reliant on mechanical forces, and breathe naturally.
You are an advocate for the property and construction industry. Where does the market sit, and where will it progress over the next five to ten years? Prior to 2022/23, the WA housing market had been stagnant for a long time, creating what is now a massive unmet need for housing. There simply has not been enough housing built in the past ten years to accommodate current and future population growth, but that provides massive opportunity for new projects to be developed in WA. We need more homes completed to meet the current demand. With housing scarce in the next five
to ten years, property values will significantly rise. We haven't had enough homes built because it was hard to get the projects to stack up financially, but now, with increasing land and product value, projects are viable again. Since the pandemic, there has been a 40 to 50 percent increase in construction prices and a massive surge in property values due to the low levels of housing available, therefore development projects are now becoming feasible again. Many new residential projects are commencing, which will help fill the housing supply gap.
Is apartment living the solution for WA's burgeoning population? The availability of land for housing across WA, and our relatively small population on a global scale, mean that for many years the attitude towards apartment living in Perth was seen as a stepping stone to living in a freestanding home. This is not the case anymore. WA had an unsophisticated approach ten years ago, which has since evolved, and like any other growing international city our attitude towards apartment living is maturing and is no longer seen as a second housing choice; it's a desirable long-term lifestyle.
As the value of WA homes continues to increase, they become unattainable, especially for the younger generation. WA has been behind the rest of the country regarding apartment living. The apartment market now is very different; what we see being delivered – amenities, opportunity, and lifestyle – drives incredible built-form outcomes. In the past 12 months, 90,000 people have moved to WA so the demand for delivering new housing is ever-increasing – and we need to take cues from other Australian cities on how they have successfully grown. For example, Rothelowman has designed many apartment projects across Queensland, which has a lifestyle and climate similar to WA's. Across Brisbane we are currently curating projects that are effectively vertical villages – including green spaces, interiors that blur with the outside landscape and front yards, to apartments where residents can sit and chat with their neighbours over a cup of tea. The amount of amenity is fantastic. We take a humanist approach to our designs and consider how people will live in and outside these spaces. Our
Trellis, QLD
« Sea Glass, QLD
point of difference to the architectural design of these projects is next level.
What global design trends do you see that adapt seamlessly with WA design and lifestyle? The value people place on flexibility and lifestyle is increasing in line with the ever-increasing cost of living. Financially, people look at daily expenses, including how much their home costs to live in all year round, which drives us to design spaces that people can use efficiently. We love designing mixed-use projects, where we prioritise creating shared spaces outside the home that make cost-effective connections, such as a ground floor café, working spaces or theatres where neighbours can come together to meet. This sense of community is a key aspect of our design philosophy, where residents can also personalise and make their own. When living in an apartment community, residents crave the ability to personalise their spaces. It doesn't have to be moving
walls or furniture. It's about giving people flexibility in choosing the apartment they want to live in or providing a bespoke furniture package they can incorporate into their homes.
How do your commercial projects contribute to your vision for Perth? The evolution of mixed-use developments requires us to think about places differently, especially in Perth. We need to think about how what we create contributes to the life of a place – how the physical mirrors the social. This is about a holistic view of how a mix of uses can ‘orchestrate’ a full and seamless snapshot of life, a ‘yes’ to creating spaces where we can ‘smell the roses’, kick a ball, exercise and play with the kids. At Rothelowman, we craft our hospitality spaces like we craft our apartment projects – the two walk hand in hand.
Crafting a meeting place and understanding how to make spaces so people can comfortably utilise them
with their friends is critical. Adapting a heritage building to create an iconic new backdrop for people to make memories or recall past time spent there is critical. By understanding how to stitch together nuanced spaces, whether in residential or hotel spaces like the Claremont or Guildford hotels, we are playing our part in adding to the stories within those walls of the people who have come before us. Architects and interior designers provide the canvas to create the storytellers for today. We celebrate the buildings' heritage and modernise them. It's important to make these spaces feel comfy all day with good cross-ventilation and plenty of natural light so people can stay and play within them. It is the approach we use with all of our projects. For example, old heritage buildings are often dark, with small windows, making them hot in summer and cold in winter. With the work we do to recraft them, we open them up and create points of grandeur, focus, comfort, and a sense of wow.
From your experiences, what challenges and opportunities can emerge when working on existing buildings compared to constructing a new one from scratch? When you start creating a project with a blank piece of paper, you must understand the client brief and their commercial drivers for a project. As architects, we are problem-solvers. We adapt a brief or an idea into a space they want to be in. With every new building, our focus is on rational design, humble innovation and the commerciality of how we create a rational yet beautiful plan and craft spaces around that. For example, a renovation explores the opportunities that might be hidden and also crafts a rational response. How do we craft the building to make it a more open-plan space and functional? More complex, more unknowns. It's about the art of creating and understanding the construction of a renovation or inserting a new building into the space. Similar commercial drivers, very different built-form outcomes.
How can we nurture the relationship between architecture and people? Well-designed architecture is generous, humble and beautiful. It shouldn't be austere or obvious, just a nice place people love to spend time in. Many well-designed spaces look simple, but under the covers they are quite complex to make it look that way. Complex nuances go into well-designed spaces. Architecture needs to be efficient and honest, and we mustn't double up on costs to keep it as lean as possible, particularly in the current market. This is important across all of Rothelowman’s work. Because we work across multiple markets in the living space and don't have a singular design style, there's a lot of cross-pollination of ideas and working knowledge shared nationally. Our cross-sector design strategies inform our work, allowing Rothelowman to deliver market-breaking design to many different projects, crafting spaces people want to live in, but we make it bespoke for each location across Australia. n
Visit rothelowman.com.au Follow @rothelowman
Bela, QLD
PHOTOGRAPHY SCOTT BURROWS
Market Place
WHAT’S ON OUR REAL ESTATE RADAR RIGHT NOW.
Investors
Investors are having a big impact on WA's real estate market, accounting for over a third of all residential property sales. Typically they are drawn to affordable, secure and stable investment opportunities, especially in medium-priced suburbs across regional and metropolitan markets, and prefer new or nearly new houses over apartments with a yield of 4 percent or more.
First-Time-Owners
The First-Time-Owners’ sector accounts for about 30 percent of all residential transactions in WA. Due to competition from investors and constraints on building supplies, many first-time home buyers are considering apartments, which affects their values. As housing supply increases, this trend is expected to normalise, potentially leading to an adjustment in apartment values.
Upgrade Buyers
Upgrade Buyers have been active but demand is decreasing due to limited supply, higher property prices, and a preference for building new homes instead of renovating. Property prices in the top 25 percent of the Perth market have grown by 4.6 percent up to the May 2024 quarter.
Property values
Property values in WA are reaching record highs, with a 22 percent year-to-date increase in the metro residential market, outpacing major Australian capital cities. Even regional residential markets in WA have experienced growth at 14.8 percent over the past 12 months*. Driving factors include adequate housing supply, construction delays, low unemployment and significant population growth.
So, have we peaked?
The market operates in cycles, with dramatic fluctuations in WA. Rapidly growing sectors tend to correct quickly as long as affordability, interest rates and supply remain stable and demand is supported by investors and owner-occupiers. Due to population growth, we anticipate an active market into 2025.
Here's what to do...
In today's market it is important to focus on improving your property's appeal to potential buyers and work with a skilled agent to handle the sales process effectively. This approach will help you receive a fair price and avoid selling for less than the property is worth. Remember, a slow sale often indicates a well-considered decision and an informed seller possesses a significant advantage. If you are buying, given the presence of multiple competing buyers, prospective buyers' readiness to proceed with clarity and confidence is crucial, so proactively preparing and presenting the most favourable offer regarding price and conditions is vital. n
The real estate market has evolved dramatically over the past few decades, departing from the age-old notion of purchasing a home for a lifetime. Whether it’s a family home, investment or commercial-industrial property, the real estate market aspirations and experience that real estate and property professionals offer have been reshaped by technological advancements, legal compliance, evolved customer expectations and economic cycles.
These changes have made buying and selling property more convenient but have also resulted in challenges, most notably when attaining affordable housing.
With limited options and platforms making all properties look the same, exceptional real estate agents stand out. Potential sellers, buyers and investors seek these professionals for their genuine advice and attentive guidance in navigating the complex real estate landscape.
"In a very competitive market, agents must leverage their expertise to the client's advantage," says John Percudani, managing director of Realmark. "We take an informed, considered and human approach towards others and in commerce. This is Realmark’s biggest point of difference."
REAL BEGINNINGS
Established by John and his wife Anita in 1989, Realmark’s beginnings coincided with the emergence of the internet, marking the beginning of a digital revolution that would significantly impact the property market's future.
With a strong focus on commercial properties and projects, they established the first Realmark office in Wembley and later moved to Leederville, an evolving inner-city precinct at the time. This move reflected the dynamic nature of the business and the precinct's development.
"Like all businesses, we have evolved from our initial inception to trying new ideas in identifying our niche," Anita explains. "We have come to understand that mastering our craft demands that we embrace the challenge of reinvention and reset, steering clear of complacency and stagnation. What 35 years really means is that we have lived through six property cycles here in WA and have the experience to help our customers navigate whatever challenges the market throws at us. There aren’t many WA-owned and operated multidisciplinary groups like ours, and I believe it gives us and our clients a tremendous competitive edge.”
Today, the couple continues to embrace change,
with a team of over 150 professionals across multiple locations as part of the Realmark network. The business has evolved from a traditional property sales and management office to a comprehensive real estate and property service provider. As a WA-based and owned multi-office and multi-disciplined network, Realmark has positioned itself as a frontrunner in the state’s real estate industry.
SHAPING WA
Over the past three decades, Realmark has not only survived but flourished in the ever-changing real estate landscape. Embracing the digital age, the company has integrated technology to enhance the real estate experience. Realmark's forward-thinking adoption and utilisation of digital tools have made the client experience more transparent and equitable, empowering them to make well-informed decisions.
"Since we started the business, the number of agencies and agents in WA has steadily declined," Anita says. "We have experienced growth while maintaining a niche, boutique, and personal approach and market focus, allowing us to distinguish ourselves in an evolving industry."
Realmark offers a wide range of services, including sales, leasing, asset and facility management, strata management, project and development advisory, and financial services. It continues to provide a unique perspective that helps clients recognise the value of its services beyond what typical real estate agents offer. »
John and Anita Percudani
« "Not all agents are the same, and our expertise gives our clients the advantage," John says. "We aim to educate our clients about the selling, leasing, or investing process, enabling them to make informed decisions that align with their goals and lead to the best results for their aspirations."
Realmark has received countless local and national awards, most recently the 2023 Commercial Agency of the Year (REIWA), the 2023 Strata Management Agency of the Year (REIWA), and the 2023 Marketing and Communications Award (REIWA) for its business practices and marketing initiatives. It has also been a trailblazer in implementing innovative changes, many of which are now commonly used in WA. These include seller-funded marketing, drone photography, staging, photo signboards for all listings, full-page colour press advertising, and other progressive practices.
One of Realmark's most outstanding initiatives is its Set Date Sale process, which others often imitate and give similar names such as ‘end-date sale’, ‘sale by expression of interest’, and ‘open sale’.
"No other agency in WA achieves the almost 100 percent success rate and client confidence that we do," says John. "Agents often undersell their clients' properties for sale. Each house should be sold, not undersold. Our values are driven by helping others achieve their best through progressive, collaborative, creative and caring service, with good communication being most important."
"We aim to educate our clients about the selling, leasing, or investing process, enabling them to make informed decisions that align with their goals and lead to the best results for their aspirations."
JOHN PERCUDANI Managing Director of Realmark
THE POWER OF ITS PEOPLE
Many leading WA agents have cut their teeth at Realmark, which is renowned for its positive and supportive work culture. "Our values are driven by helping others achieve their best, and my personal guidance is to empower others and be supportive in my approach towards others and commerce," John says.
“We have sought to create an environment for people to proactively collaborate and innovate to thrive in their careers, and we have been fortunate to have so many talented people, including our suppliers and supporters, contribute to the Realmark story.”
Realmark provides its employees with a platform for growth and development. Team members can be
John Percudani on stage at Evoke
employees, equity partners, team leaders, or office owners under licence. "We offer a full range of career path options to respond to people's evolving aspirations and goals," John says. “This is why so many of our team have been with us for a decade or longer."
In addition to the diversity of opportunity and experience, Realmark invests in learning and education, which includes its signature all-team member conference, Evoke, hosting keynote speakers including Basil Zempilas, Justin Langer, Sandra Brewer, Cath Hart, Adam Simpson, Shannan Ponton, Matt Church, and Dr Adam Fraser.
It has also launched a game-changing educational solution, the Realmark Learning Academy, which provides bespoke content from Realmark and global education leaders including Harvard Business Review, Blinkist, Pluralsight, and CloudSwyft.
Jordan James, principal and licensee of Realmark Karratha and recently a finalist for regional principal of the year at the REB Awards, believes that Realmark's focus on supporting its people is key to success.
“At Realmark we are like one big family, with team members all over the state, and we strive to ensure everyone feels involved. We push the boundaries to cater to people's requirements. Being a regional office,
staff retention is a significant challenge, which requires creating culture, becoming creative, and offering perks such as flights to Perth, remote work, flexibility for parents, and additional leave.”
Natalie Arnold from Realmark Urban is an example of what a career in property can offer. After starting her real estate career as Realmark’s receptionist, Natalie has become a successful standalone sales agent. “I started in an entry-level role, which allowed me to learn all the processes, which was the first step in my career,” she says. “John and Anita recognised my potential, and when career progression opportunities came along they always encouraged me to grow and supported me every step of the way. I'm proud to align with Realmark. They offer a family environment, an excellent support model, guidance, and a very polished brand.”
THE NEXT MOVE
With exciting changes in the way we live and work in our state, Realmark's long-standing multidisciplinary and agile culture strongly positions the network for the future. “We have always sought to embrace change and enhance the experiences and outcomes of team members, clients and customers,” says John. “It is a great time to leverage our diverse expertise, talented experts, and values.”
As Realmark continues to expand its presence in the dynamic property landscape as the foremost independent, WA-based agency group, its steadfast dedication to delivering exceptional service, reliable professionals, and a thirst for embracing change doesn’t waver. It will be exciting to see what the next 35 years will bring. n
Natalie Arnold, Realmark Urban
Jordan James, Principal of Realmark Karratha
or To Price
Not To Price
THE STRATEGY PROVING THE BETTER WAY TO BUY AND TO SELL.
As you browse through real estate listings, you might encounter properties for sale without a fixed asking price. Instead, you'll see phrases like 'contact the agent', 'expressions of interest' or 'price on application'. These terms and the absence of a price offer a distinct approach to navigating the real estate market, leading to more effective transactions and better outcomes.
Here we speak to John Percudani, managing director at Realmark, about why the no-price marketing strategy is the new standard.
John, how is a property's worth determined?
JP: The seller and their agent gain feedback on what the buyers think about the value, so it’s the market that sets the price. A property's value is ultimately determined by the price at which a willing buyer and seller reach an agreement. The traditional way of selling with a price is a very polarised methodology. Once, the agent was the bastion of real estate. You rang him, and he would tell you the comparative evidence and the range. Today, everyone has that price at their fingertips, and it's not the most important price. Prices are subjective. Having no price starts an open conversation about the price, and by setting a limit you may be discouraging better offers. In this market, the opinion around price varies according to preferences; there is not one price – everyone has a price that suits them, so it should take its course of difference. This approach empowers buyers and sellers, allowing them to negotiate and reach a fair agreement.
Can listing the price be the obstacle to a good sale?
JP: Absolutely! Buyers often work out what they think a property is worth, but when there's a price guide they have a number against which to compare their opinions. No-price marketing removes the risk of buyers losing early interest due to overpricing or underselling. If a buyer thinks an advertised price is too inflated, they often won't make an offer, leaving the seller with no idea where the market sees value. Your initial buyer interest evaporates, and your agent will recommend that you adjust the price.
You quickly end up in the discount game, your property becomes stale, and you end up underselling.
Does not including a price open up the property to a broader market?
JP: Yes, because there is not one buyer for a property; there are multiples, and they will generally pay around the same price – some will spend much more. The seller always wants 10 to 20 percent more than they know the property is worth and the buyer always wants 5 to 10 percent less than it’s worth. The buyer wants to buy well, and the seller wants to sell well. With no price, buyers walk through the property and become emotionally involved – these are the buyers to chase. They might want this home because it's near their ageing parents or the top school choice for their child. The emotionally engaged buyers are the ones the agent should deliver. No price makes the property open and transparent, and you don't lose your prime buyers!
Do you believe this is a fairer arrangement for all parties?
JP: The buyer doesn't want to be rushed; they want to make a careful decision. It's not a race or first in, best dressed; it's about taking the time to talk to your broker and family and inform yourself. The more you know, the more confident you are as a buyer and will make a better offer. The seller will see your offer simultaneously as the others, so it's a fairer arrangement. A home is only worth what someone is willing to pay for it. If the seller wants $2.4m and the market tells them $2m, and they receive an offer of $2.3m, that is an outstanding achievement. How does the agent's role change with no price?
JP: In the no-price marketing strategy, the seller actively participates in the market intending to sell. As a buyer, it's crucial to consider the other properties you've viewed and your budget. The no-price strategy ensures that all parties are treated fairly, with the market determining the property's value. Agents using this strategy should act as facilitators, guiding buyers and sellers towards a mutually beneficial price rather than controlling the price. n
think
OUTSIDE the metro
CAPITAL GROWTH & INFRASTRUCTURE DEVELOPMENT IN THE REGIONS MAKES THEM JUST AS WORTHY AN INVESTMENT OPTION AS URBAN AREAS.
When it comes to property investment, the choices you make have a significant impact on your returns. According to Jeanette Bates, principal of Realmark North Coastal, investing in property is about generating a return and safeguarding and growing your wealth.
"Selecting properties based on location, infrastructure changes and emerging trends can substantially impact the property's overall value," she says. "While many Australians tend to invest in properties within their familiar comfort zones, such as the suburb they grew up or live in, investigating further afield can often offer even greater financial advantage."
When considering unknown locations, check for good public transport, which greatly affects people's time and cost. “When there is accessibility and amenity, it means a huge change for the area,” says Jeanette, who advises looking for infrastructure change that creates a pulse in the marketplace, such as a new airport in Busselton. “Whether you are considering a city or regional property, this greatly impacts the area, and a rise will occur as you will find change encourages people to gravitate there.”
Forecast demand by observing shared population growth, living and working trends, and other factors such as schools, medical and other amenities. “Find the trigger points that will increase the capital growth of a property compared to others,” Jeanette says. “If you can anticipate where people are moving mentally and physically, you follow the flow and invest accordingly, even if it is in a regional centre you have never heard of.”
Despite being a more volatile market, non-metro areas such as the Pilbara region offer a higher yield due to growth and development. Jordan James of Realmark Karratha says there is a sense of “watch this space”, with
the City of Karratha seeking developers and builders to partner with to develop more housing. Known as ‘Project Dorothy’, the city aims to drop a house on its wicked housing problem. “We expect 1200 dwellings over the next five-year construction period,” he says. “The bestperforming investments are low-maintenance properties such as duplexes with no pool and minimal gardens that can be bought for around $400,000 and leased for $800 to $850 per week. There is also a spike in investor demand as major projects [Pluto 2 and Perdaman mine] move closer to construction.”
Realmark Pilbara's Lynda Briggs reports a surge in »
CARINE SOLD BY AARON GREEN
KARRATHA SOLD BY JORDAN JAMES
DOUBLEVIEW SOLD BY NATHAN TONICH
« demand for regional residential properties. “Goodquality properties with high returns are in demand, particularly in Newman, with our office selling 12 properties there since early May,” she says. “Those with government/corporate leases in place are being snapped up by eastern states investors and local investors who are missing out in the Perth Metro.”
Investors continue to gravitate towards lifestyle escapes, such as properties down south, weekend retreats in Mandurah, or condos in Dunsborough. Jeanette says this growing demand has been triggered by Perth's expanding urban landscape and a desire for unconventional residential experiences. “Chittering, for example, is witnessing a surge in popularity due to its established presence and accessibility to urban amenities,” she says.
The southwest region of Western Australia, including Dunsborough, Yallingup, Busselton, Margaret River and Bunbury, remain hot property. Recent property trends indicate steady growth in house prices and rental yields for these areas driven by local and external demand.
“These areas offer a unique blend of lifestyle, amenities and natural beauty, making them attractive to many homebuyers and investors,” says Realmark Dunsborough’s Julie Fairclough. “House prices in coastal towns are on the rise and investor activity is strong, focusing on properties offering good returns and proximity to amenities. Regional areas provide better value for money than metropolitan areas, and sustainable, eco-friendly homes are increasingly popular. Rental yields, in our experience, generally range between 4 percent to 6 percent, influenced by tourism and seasonal demand. Understanding the market dynamics allows investors to
capitalise on the region's growth potential.”
Considering a property's physical quality and location is essential for residential and commercial investments. Understanding emerging trends, like the rise of online shopping and the need for logistic warehouses, can also uncover lucrative investment prospects. Jeanette says this forward-thinking approach can lead to high-yield investment opportunities.
“We tend to go with what we know and is proven,” she says. “But you must be observant and forecast. The astute investor is always ahead of the curve and can maximise returns.” n
QUINDALUP SOLD BY JULIE FAIRCLOUGH
YALLINGUP SOLD BY JULIE FAIRCLOUGH
MARMION SOLD BY NATHAN TONICH
"Find the trigger points that will increase the capital growth of a property compared to others,” Jeanette says.
“If you can anticipate where people are moving mentally and physically, you follow the flow and invest accordingly, even if it is in a regional centre you have never heard of."
JEANETTE BATES Principal of Realmark North Coastal
The Generation Shaping Our Housing Market
EMBRACING THE TRENDS FOR THE DECADE AHEAD.
As millennials enter their late 30s and early 40s, a significant demographic shift is on the horizon. Unlike their parents, this generation is looking for larger living spaces for their expanding families, with a focus on bigger, multi-generational homes. This trend not only reflects the evolving needs of millennials but also points to a potential boost for the Australian property market in the years ahead.
According to Realmark's John Percudani, the market's current trajectory is directly influenced by the significant impact of the baby boomer generation. “As they move through different stages of their lives, their influence is undeniable, particularly in the property and healthcare industries,” he says. “The changing housing needs of baby boomers, from first homes to apartments, have significantly shaped the property market.”
Since many people are now living into their nineties, planning to handle the increasing demand for housing and healthcare is important.
“We are seeing a growing trend of people downsizing into villas or apartments and eventually transitioning to assisted care,” says John. “Baby boomers are moving into luxurious apartments in Perth; however, as the wealth of their generation is passed down, the next generation is significantly influencing the property market with higher buyer expectations and increased property investment. Another noticeable trend is the rise of dual generational living, where homes are designed to accommodate multiple generations."
from how they grew up. Instead of kids' bedrooms with bunk beds, shared bathrooms, a rumpus room, and a front porch for entertaining, the millennial generation's dream home includes parent and teenage retreats, ensuites, guest quarters for elderly parents, a media room, a wine cellar, expansive outdoor living areas, a home office, and a kitchen with a cosy, café-like atmosphere.
“It’s home-based around a lifestyle that caters to every generation while providing privacy and spaces where the whole family can come together,” says Anita.
Not only are the homes changing but also their location, with the next decade likely to see approximately 5 million millennials leaving sought-after city centres for quieter suburban or coastal communities outside major urban areas. This phenomenon, known as ‘The Great Relocation’, has been largely driven by the impact of the pandemic. It is traditionally associated with baby boomers and those approaching retirement, though recent data from CoreLogic reveals that since the mid-2000s, nearly 80 percent of individuals moving from cities to regional areas have been aged under 50. This shift presents a significant opportunity for property developers and investors to tap into the potential of these emerging communities.
The next decade will likely see approximately 5 million millennials leaving soughtafter city centres and opting for quieter suburban or coastal communities.
Multi-generational living involves adult children cohabiting with their parents, grandparents, and greatgrandparents. In many cultures, it is a long-standing tradition. For example, in Italy, over 65 percent of individuals aged 18 to 34 live with their parents. In the Middle East and Africa, where family bonds are strong, it's common for young adults to live with their parents.
“The impact of COVID-19 on the global economy has also resulted in more families living together under one roof,” says Realmark co-founder Anita Percudani. “Many young people who once might have left home in their early twenties are staying at home longer due to financial challenges.”
To cater for multiple generations, the housing preferences of the millennial generation mark a departure
The major cities in Australia are expected to experience significant growth over the next two decades. The recent immigration increase of half a million people, combined with a rise in the natural population, emphasises the ongoing need for urban development in Australia's key regional and cultural centres.
According to The City of Perth, the WA capital is the fastest-growing major city in Australia. It is home to just over two million people (77 per cent of the state's population) and is forecast to become the third-largest city in Australia after Sydney and Melbourne, growing to 2.9 million people by 2031 and 3.5 million people by 2050. This strong growth trend combined with the generational shift of wealth and property preferences will create a unique and dynamic WA property market in the decades ahead.
"With robust foundations and a clear growth trajectory, it presents a promising future over the next ten years with many opportunities for development and investment,” says John. n
Not So Fast
WHY A SLOW SALE IS A GOOD SALE.
When selling your home, it's essential to take the time to lay the groundwork for a successful outcome. Rushing the process can result in a lower sale price and may not meet seller expectations, says Realmark sales representative Miles Garner.
"Many sellers put their home on the market on a Thursday and sell it by the Saturday, and it is perceived as an amazing result because it sold so fast, but in reality it will probably cost the sellers money on the sale price by accepting an offer so quickly," Miles explains.
Realmark's Set Date Sale process, established in 2012, gives sellers greater control over their property sales. This approach combines traditional sales methods with the advantage of compelling buyers to submit offers within a set period, usually 21 to 28 days. This proven method consistently delivers excellent sales results, providing sellers with the predictability and security they need.
The process involves coordinating all offers through the Realmark online offers platform, which enables buyers to submit offers without meeting the sales representative. »
ARCHITECTURAL PHOTOGRAPHY BY CRIB CREATIVE
« According to Miles, this process promotes transparency throughout the sale, ensuring buyers have a fair and equal opportunity to purchase the property. "The Set Date Sale creates competitive tension and allows time to capture buyer interest, increasing the chances of a successful sale," he says. "It's an approach that ensures that the property is not rushed into a sale and allows it to find the right buyer. Following the Set Date Sale process can help sellers achieve the best possible price, rather than settling for a quick sale to benefit the agent's interests."
After being on the market for 15 days, seller Dom Del Borello's home in Mount Hawthorn sold for over $2,175,000. There were 157 enquiries, 99 property viewings, and four written offers. The eventual buyer, away on holidays during the first weekend of showings, made their winning offer on the second weekend, leading to the successful outcome. Not rushing into a decision prior to the set date was crucial in achieving this result, as a quick sale wouldn't have produced the same outcome. "Realmark impressed me with their proven history of achieving $2 million-plus sales in Mount Hawthorn," says Dom. "They weren't all words and promises."
The three-year-old, 4 x 2 home built by Ultimo Constructions was perfect for a young family of four, yet
of the 99 groups that viewed it, half were mature buyers downsizing for the first or final time. "Our main market ended up being the 50 to 65 age bracket with kids who have left or adult children about to leave," says Miles. "It attracted this market because the property is new, highend and low-maintenance, and has a beautiful courtyard rather than a large yard."
Dom chose Miles, a Mount Hawthorn local who has sold a number of properties in the area. "Many sellers sign up with the perceived number one agent of an area because they see them as active or on signboards," says Miles. "It's important not to rush in and choose an agent; rather, speak to a few, gather your proposals and take your time with a measured approach. You are better off digging deeper and seeing who has your best interests at heart and what their sale process involves. When choosing your agent, ask one question – how will you achieve a better outcome than the next agent? It is the key question."
Miles says sellers look to take shortcuts in this market, assuming the home will sell itself because demand is high. "It's important to implement the right process, presentation, negotiation skills and marketing to increase your price," he says.
Ensure your property is sale-ready, starting with a »
PICTURED L-R: Home owner Dom Del Borello and Realmark sales representative Miles Garner
« deep clean. "Get into all those hard-to-access places you may not usually attend to, like window and shower tracks, and get your garden up to spec," recommends Miles. "Recruiting a stylist to stage your property elevates the home's overall presentation. You want it to look like an aspirational home because any property presented immaculately will feel good. One of the most common phrases you hear when someone buys is, ‘The home just feels good’, and you are trying to create that feeling that the buyers can't quite put their finger on."
Miles says it is acceptable to scatter a few personal mementos and photos throughout the home, but beware of shrine-like photo walls. "They are too overwhelming," he says. “You want buyers to be able to visualise their family living in the home, so a wall of 30 photos can make that difficult.”
A well-timed negotiation is critical to achieving a good result. "Many agents jump in early, get a couple of offers, and want to negotiate right away," says Miles. "You are better off holding your cards to your chest as a seller in this market because you have the leverage. Be measured in your approach. Gather offers, then choose the right party to negotiate with. A smart sale beats a fast sale every time." n
a
15 days on the market
157 enquiries
99 buyer groups
4 written offers
Price: North of $2m
Retail Renaissance
GIVING THE URBAN NEIGHBOURHOOD A NEW LEASE ON LIFE FOR THE NEXT GENERATION.
The small, niche retailers that were once popular and widespread in suburban Perth continue to face intense competition from the rising popularity of online shopping and major shopping centres that have enhanced their offerings and customer experiences.
"Shopping centres are fiercely competing with each other, significantly impacting the suburbs," says John Percudani, managing director at Realmark. “People's lifestyles have evolved beyond the nine-to-five routine and, combined with a more flexible approach to transport, this has greatly impacted the sustainability and significance of neighbourhood shopping centres, local smaller-scale centres, and traditional strip shopping.”
Realmark Commercial has worked closely with clients in existing centres across metro Perth, such as Phoenix Spearwood, Stratton Park Midland, North Beach SC, and Altone Park Beechboro, helping to reposition their offerings in line with a shifting market.
"Services that catch the consumer's attention, such as childcare, cosmetic medical treatments and Pilates studios, are some of the alternative daily use services we consider," says John. "Identifying a niche offering, such as affordable casual dining options offering higher quality rather than traditional fast food, or a small boutique bar, can be a strong customer attraction advantage. Extended convenience trading hours, including 18- and even 24hour service catering to evolving consumer needs, is another differentiating factor. We have seen this with highly popular IGA operators such as Taylor Road IGA Nedlands or The Good Grocer in Leederville; demand is now constant 24/7 in these locations."
Realmark Commercial's retail sles and leasing director, Michael Richardson, played a pivotal role in Hesperia's Electric Lane. Formerly an underused laneway in the vibrant Leederville area, Electric Lane has been transformed into a thriving food and entertainment precinct that links the ABN Building with the historic Leederville Hotel. The precinct is home to many unique retailers, including Powells Fromagerie & Wine Bar, owned by mother and daughter Marisa and Jasmine Powell, who offer an intimate dining experience and cheese and wine pairings.
"We are seeing a gradual return of retailers opening in various suburban locations in Perth," Michael says. »
« "Retailers are regaining confidence in the market and bringing new energy to the previously challenged market.”
Popular Cottesloe bakery North Street Store, known for its delectable cinnamon scrolls and lengthy queues, has launched its first full-service, alfrescostyle establishment - Wards Central Dining - in the new Victoria House development, which Realmark Commercial manages on behalf of the owner.
"New developments invigorate suburban areas and the retail leasing scene in Perth is rapidly transforming, shifting its focus from mainstream retail to local niche operators from Western Australia," Michael says. "Many regional and sub-regional centres have deteriorated, or their offering has stagnated. Post-COVID, it's been challenging for owners due to the steep cost rise. Some projects have only recently got the green light for development as we see building costs stabilise. Things, however, are happening on a measured scale and pace due to a lack of builders and a hesitation by owners and builders in placing their capital in projects that carry too much risk.”
Improving the aesthetics of shopping centres can attract more tenants and increase rental income without
requiring a large investment. "Money should be spent where it makes the most impact, and retailers' fit-outs should also help to revitalise spaces,” Michael says. “Knocking down and starting again, or large extensions don’t add up right now. On a large scale, this can be seen at major subregional centres, where redevelopment approvals and capital investment are challenged.”
Retailers based in historic buildings and spaces reap the benefits of the place's charm, looks and ambience, making them ideal settings for creating exceptional retail spaces. However, adapting a retail building requires a specialist eye to get it commercially right.
Victoria House, built in 1938, holds the heritage legacy of the former Shenton Park Hospital site and is being reimagined as the focal point of the Montario Quarter redevelopment, emphasising commercial viability and heritage preservation. Victoria House is one of only two sites in the precinct zoned for commercial use. It aims to offer a unique blend of old and new, providing a rare combination of commercial and community facilities that will thrive.
"Adapting heritage buildings is challenging due to the costs of restoration, the need to meet current fire
protection and energy efficiency standards, and the structural constraints posed by the building's layout," says John. "Such projects’ adaptation can be difficult due to structural limitations, heritage restrictions, limited parking, and fit-out constraints related to heritage and signage regulations. These factors combine to limit the range of potential tenants that can be accommodated; however, the legacy also creates atmosphere and adds unique, non-replicable appeal.”
Across its retail projects, the Realmark experts work hard to identify the ideal tenant mix and suitable businesses for the location and building, reimagining and responding to the owners’ aspirations and working closely with design and architecture experts, the context and area, and the tenant's interests. The vision is to create a commercially viable place for occupants and owners alike, and a destination for visitors and the surrounding community. n
"People's lifestyles have evolved beyond the nine-to-five routine and, combined with a more flexible approach to transport, this has greatly impacted the sustainability and significance of neighbourhood shopping centres, local smaller-scale centres, and traditional strip shopping."
JOHN PERCUDANI Managing Director of Realmark
Victoria House, Montario Quarter, Shenton Park | victoria-house.com.au
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D E SI G N - F OR M - F U N C TI O N
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LIFE& STYLE
Heidi McGrath, founder and owner of Café Collective WA, showcases local artisans, designers and makers in her stores, pop-ups, and online. She has recently opened a new store in North Beach that was leased to her by Realmark Commercial. We asked her to share a few of her favourite things.
Favourite thing about the local creative industry. Our creative scene is vibrant, and we are spoilt for choice. I’m a people person, so I enjoy meeting and building relationships with our creatives and watching their connections and collaborations. It's always exciting when our artisans and creatives bring their new ideas to Café Collective WA.
Best meal ever. A whole baked fish on the beach in Jimbaran Bay, Bali. I had never had anything like it – the flavours were delicious.
Favourite tipple. It’s no coincidence that my favourite local tipples are sipped near the ocean! I love The Sunset at Island Market Trigg and the Espresso Martinis at Hillarys Beach Club.
Dream car. My dad has always loved cars and his love of chrome has rubbed off on me, so my dream car would have to be a vintage convertible from the 1950s.
Your favourite pieces of art. Hook in Handrail Pool by Peter Ryan, Cruising By by Lisa Campbell, and the iconic Facing West range by Kerri Blades, an Albany artist. I love their styles, and they remind me of special family times.
Your most treasured ceramic. The Australian State Floral Emblem collection by Eucalypt Homewares. The designer, Melanie Sharpham, designs the floral emblems and transfers them by hand to the ceramics.
The best thing about running your own business. The amazing creatives we work with. They inspire me, and as a fellow creative I understand and relate to their journey and appreciate the hard work and late nights. We have Café Collective WA stores at Karrinyup Shopping Centre, Lakeside Joondalup, and Westfield Whitford, and we have recently opened a store at the North Beach Shopping Centre. We love the local vibe there. The centre is a focal point of the community.
Somewhere you would love to travel. A trip to the true north through the Kimberley. We’ve seen much of the Kimberley via land, but it takes on another level from the water. It’s a bucket list adventure.
Best thing about Perth. I love that Perth offers such a fantastic lifestyle in so many ways: the beaches, weather, amazing parks, friendly people, bars and restaurants. There is so much to do, and close by, too! We recently spent the weekend in Dwellingup and had dinner on the Hotham Valley train – I highly recommend it.
All-time favourite music. I’m an ’80s tragic and also have a ’70s playlist on Spotify. An all-time favourite album is Working Class Man by Jimmy Barnes. I always listened to it on the school bus from Little Grove to North Albany High back in the day. n
Visit cafecollectivewa.com.au
Follow @cafecollectivewa
Hook in Handrail Pool by Peter Ryan
Cruising
By by Lisa Campbell
Ceramics by Eucalypt
Homewares
Orbis Pendants by Brokis Lighting
Successful property marketing in WA comes from local knowledge and experience, not from east coast head offices.
For over 35 years, Realmark’s signature process has been trusted to sell thousands of homes, ensuring West Australians are not undersold.