If it feels like Perth’s property market is moving quickly, it’s because it is and the competition we’re seeing locally remains incredibly strong across multiple price points.
Domain’s latest quarterly report has made headlines, reporting Perth’s median house price has now moved beyond the $1 million mark. REIWA, meanwhile, is reporting Perth’s median house sale price at $840,000. The two figures differ due to different methodology, but regardless of the exact median, what we’re seeing at the coalface is consistent: buyers are competing hard for the right homes and that’s what is continuing to push prices higher.
One of the strongest trends right now is the continued growth in units/apartments and lower-maintenance properties, as young buyers, downsizers and investors seek to enter the market with a focus on location and lifestyle over land size and upkeep.
But importantly, we’re also seeing a real gap in the market for quality family homes in our local suburbs. With fewer options available, buyers are moving quickly when the right home hits the market and it’s creating strong conditions and exceptional results for sellers.
It’s also why the theme remains the same: competition still fierce, supply still short. Even with stock levels lifting 16.7 percent in the last seven days reporting period to 2,439 properties, REIWA figures also show that listings are still sitting 49 percent below this time last year, keeping pressure on prices in many suburbs.
With school holidays coming to a close soon and kids returning to school in the weeks ahead, there may be no better time to come to market with a family home, while demand remains high and supply remains limited. And if you need some help understanding how to secure your next home before selling your current one, we’re here with strategies and advice to suit your personal circumstances.
And while stock levels remain well below normal, we’re thrilled to have launched SEVEN new listings for eager buyers just in time for first home opens this long weekend.
Whether you’re planning a move soon or simply keeping an eye on the market, we are happy to share a clear snapshot of what we’re seeing locally and what the new price for your property might be in the current market. Please reach out. We’re here to help.
