Hi, I’m Shelley Staddon, and with over 20 years of experience in the settlement industry, I’ve seen it all. 

If you’re buying or selling property, the process can feel overwhelming and time-consuming. That’s where I come in. At Jacaranda Settlements, located in Myaree, I provide a friendly, professional service that’s all about you. I personally handle your settlement from start to finish, ensuring your best interests are always at the forefront. 

With the Perth property market set for an exciting year in 2024, I’m here to share my top tips and picks to help you navigate the market with confidence. From timing your purchase to understanding the local hotspots, let’s make the property journey a smooth and successful one.

Overview of the Perth Property Market in 2024

The Perth property market has been buzzing with activity lately. Over the past few years, we’ve seen remarkable resilience and impressive growth. This year is no different, with exciting opportunities and a few challenges that are worth noting. 

Property values have soared, making Perth one of the hottest markets. As we move through 2024, it’s important to stay informed about these trends to make the most of what’s ahead.

Since the Covid trough, property values in Perth have risen by 25.9%, reaching new heights by July 2022. Despite some fluctuations, prices have climbed to new all-time highs, positioning Perth as one of the leading markets in 2023. Homes here sell quickly, with a median of just 11 days on the market. 

Analysts are optimistic about 2024, predicting a 2.6% increase in house prices due to the city’s strong economic growth and an influx of investors from the eastern states.

The combination of high demand and limited supply continues to push median house prices upwards, making Perth an attractive market for both investors and homebuyers. 

The current median house price is around $713,811, with a 3% increase over the last quarter. In the rental market, demand remains strong with vacancies at a record low of 0.4%, leading to significant rental price increases. House rents have risen by 12.9% and unit rents by 16.3% over the past year.

Tip 1: Timing is Everything

When it comes to buying or selling property, timing is absolutely crucial. Over my 20 years in the settlement industry, I’ve seen how entering the market at the right time can make a significant difference. For 2024, the Perth property market is showing strong growth, and understanding the best times to act can help you maximize your benefits.

Early in the year, particularly during the first quarter, we often see a surge in activity as buyers and sellers come back refreshed after the holidays. This can be a great time to list your property, as there’s generally a higher number of active buyers looking to make a move. 

On the other hand, buying during this period can be competitive, so being prepared and pre-approved for finance can give you an edge.

Mid-year, we usually see a slight dip in activity, which can be an excellent opportunity for buyers to find deals with less competition. Sellers might need to be more patient during this time, but well-presented properties can still attract serious buyers.

As we approach the end of the year, the market tends to heat up again. People are keen to settle before the holiday season, making it another prime time for both buying and selling.

Tip 2: The Power of Local Knowledge

Having local market knowledge can give you a significant edge when buying or selling property. Knowing the ins and outs of different suburbs helps you make informed decisions and seize the best opportunities. In 2024, several Perth suburbs are particularly worth watching.

Take Parmelia, for instance. It’s become a hotspot due to its affordability and impressive growth. With a median house price of $440,000 and an annual growth rate of 25.7%, it’s a fantastic area for both first-time buyers and investors. 

Then there’s Seville Grove, which has seen 15% growth and is known for its fast sales and strong rental yields. Eglinton and Brookdale are also on the rise, offering great potential with median prices of $545,000 and $474,532 respectively.

Local knowledge doesn’t just mean knowing the stats—it’s about understanding the community and the lifestyle each suburb offers. 

I remember working with a client who was relocating from the eastern states. They were keen on finding a family-friendly neighborhood with good schools and parks. 

Thanks to my familiarity with the local market, I recommended Ellenbrook. Not only did they find their dream home, but they also settled into a community that perfectly matched their lifestyle needs.

Tip 3: Preparing Your Property for Sale

Preparing your property for sale is crucial to attracting buyers quickly and securing the best possible price. Over the years, I’ve seen firsthand how a well-prepared home can stand out in the market. Here are some practical tips to help you get your property ready.

First impressions matter, so focus on curb appeal. Make sure your front yard is tidy, the lawn is mowed, and any garden beds are well-maintained. A fresh coat of paint on the front door can also make a big difference. Simple touches like new house numbers or a welcoming doormat can create a positive first impression.

Inside, staging is key. Declutter your space to make it look larger and more inviting. Remove personal items so potential buyers can envision themselves living there. Consider hiring a professional stager if your budget allows—they can highlight your home’s best features and create an appealing, cohesive look.

Minor renovations can also boost your property’s appeal. You don’t need to undertake major projects; small updates can have a big impact. Repainting walls in neutral colors, updating light fixtures, and replacing worn carpets or outdated hardware can make your home feel fresh and modern.

I recall a client who was hesitant about making these changes, thinking their home would sell as-is. After some gentle persuasion, they agreed to a few minor updates and staging. The result? Their property sold within a week, well above the asking price.

Tip 4: Understanding the Legal Landscape

When you buy or sell property, several legal steps must be completed to transfer ownership. These include preparing and reviewing contracts, conducting title searches, and managing financial settlements. This can be complex, especially if you’re unfamiliar with legal jargon and procedures.

That’s where a settlement agent comes in. My role is to handle these legal details for you, ensuring all paperwork is correct and deadlines are met. I liaise with your lender, the other party’s agent, and any other relevant parties to coordinate the process. By doing this, I help prevent any last-minute issues that could delay the settlement.

One of my clients was selling their first home and felt overwhelmed by the legal requirements. I guided them through each step, from explaining the contract terms to ensuring all documents were signed and submitted on time. This support eased their stress and ensured a smooth and successful settlement.

Having a knowledgeable settlement agent on your side can make all the difference. We handle the legal intricacies, allowing you to focus on the exciting aspects of buying or selling your property. With my experience and dedication, I’ll ensure your settlement process is as straightforward and stress-free as possible.

Picks for 2024: Suburbs and Trends to Watch

As we look ahead to 2024, there are several Perth suburbs that stand out for their growth potential and investment opportunities. Here’s a closer look at some of the top picks and why they are promising for buyers and investors.

1.) Parmelia: Affordability and Growth Potential 

With a median house price of $440,000 and an impressive annual growth rate of 25.7%, Parmelia offers a practical and well-connected area for those looking to enter the market or expand their property portfolio. The suburb’s community-focused developments, like the Cassia Satterley community, add to its appeal, making it a top choice for 2024.

2.) Seville Grove: Fastest Selling Suburb South of the River 

Seville Grove is making waves as one of Perth’s fastest selling suburbs south of the river. With a median house price of $445,000 and a strong rental market, it’s attracting both investors and families. The area boasts a 15% price growth over the past year and excellent rental returns, making it a hot spot for those seeking both short-term gains and long-term stability.

3.) Eglinton: Growth and New Developments 

Eglinton is experiencing significant growth and is poised for continued development in 2024. The suburb’s median property price is $545,000, and it has seen a 19.8% growth in the past year. The upcoming Eglinton train station, set to be completed in the first half of 2024, will enhance connectivity and likely boost property values further. Developments like Allara, recognized for its environmental sustainability, add to Eglinton’s attractiveness for both homebuyers and investors.

4.) Brookdale: Highest 12-Month Median Price Growth 

Brookdale has taken the spotlight with the highest 12-month median price growth across the nation in 2023. With a median house price of $474,532 and an astounding 32.8% annual growth rate, Brookdale is an investor’s dream. The suburb also offers strong rental market performance, with a median weekly house rent of $545 and an annual rent growth of 23.9%, making it a compelling option for those seeking significant returns.

Why These Areas Are Promising 

These suburbs are not just about numbers; they offer a blend of affordability, growth potential, and quality living. Parmelia’s community developments, Seville Grove’s rapid sales pace, Eglinton’s new infrastructure, and Brookdale’s exceptional growth make them stand out. For buyers and investors, these areas provide diverse opportunities to capitalize on Perth’s dynamic property market in 2024. Whether you’re looking for a family home, a rental property, or an investment opportunity, these suburbs have something to offer.

The Importance of Personalized Service

Choosing an independent settlement agency like Jacaranda Settlements brings numerous benefits, particularly when it comes to personalized service. As the owner and lead agent, my primary focus is on you and your needs. Unlike larger, corporate agencies, we provide a tailored approach that ensures your settlement process is smooth and stress-free.

At Jacaranda Settlements, we act solely in your best interest. From the initial consultation to the final handover, I personally handle every aspect of your settlement. This means you get direct access to my expertise and experience, ensuring that all details are meticulously managed. I’m committed to providing a friendly and professional service that takes the stress out of buying or selling property.

My goal is to ensure your property transaction is as seamless and enjoyable as possible. Whether you’re buying your first home or selling an investment property, I’m here to support you every step of the way.

Rental Market Insights

The rental market in Perth is set for an exciting year in 2024. With vacancies at a record low of 0.4% and strong population growth, demand for rental properties is high. 

This has led to significant increases in rental prices, with house rents up by 12.9% and unit rents by 16.3% over the past year. Popular suburbs are seeing particularly high demand, making this a prime time for property investors to capitalize on rental yields.

For property investors, there are a few key tips to make the most of this robust rental market:

1. Choose High-Demand Areas: Focus on suburbs where rental demand is highest. Areas like Parmelia, Seville Grove, and Eglinton are experiencing strong rental growth and offer promising investment opportunities.
2. Consider Property Upgrades: Minor upgrades can significantly boost rental appeal and justify higher rent. Simple improvements like modernizing the kitchen, adding new appliances, or freshening up with a coat of paint can make your property stand out.
3. Understand Tenant Needs: Properties that cater to the needs of renters, such as proximity to public transport, schools, and amenities, tend to have higher occupancy rates and rental yields.
4. Set Competitive Rents: While the market is hot, setting your rent competitively can attract reliable long-term tenants. Research comparable properties in the area to determine the best rental price.

One of my clients was struggling to find reliable tenants for their investment property. By focusing on minor upgrades and understanding the local rental market, we were able to increase the property’s appeal. Within weeks, they secured a long-term tenant at a higher rent than expected, ensuring a steady income stream.

Key Takeaway

Navigating the Perth property market in 2024 can be both exciting and rewarding with the right approach. 

Remember, timing is everything when buying or selling property, so stay informed and be ready to act. Leverage local knowledge to identify the best suburbs like Parmelia, Seville Grove, Eglinton, and Brookdale. 

Preparing your property for sale with minor upgrades and staging can attract buyers quickly and fetch a higher price. Understanding the legal landscape is crucial, and as your settlement agent, I’m here to simplify the process and ensure everything runs smoothly.

I invite you to reach out for a personal consultation and a free quote. Let’s make 2024 a successful year for your property journey. The Perth property market is full of potential, and I’m excited to help you make the most of it. 

For consultations, enquiries, or questions, please call 0428 336 878 or email info@jacarandsettlements.com.