The latest figures from REIWA show a shift in the Perth property market, with listings climbing to 5,433 this week – a 14.4 percent increase over the past four weeks and 10.4 percent higher than this time last year. This rise is a welcome sign for buyers, offering more choice than we’ve seen in months.
While the laws of supply and demand suggests that we may see a slight easing in price growth as stock levels rise, we anticipate the market to continue to grow, perhaps at a slower rate, unless there is an unanticipated change in conditions.
For buyers, the increased choice creates excellent opportunities, but we urge caution for those thinking, “We’re not in a hurry to buy.” Even small price growth can quickly add up. For example, CoreLogic has reported that Perth’s property market grew by 4.1 percent in the last quarter – that’s a $40,000 increase on a $1 million property in just three months.
For sellers, while the days of being the only property on the market in your price range in your suburb might be behind us, competition for well-priced homes in desirable locations remains strong – especially at the more affordable end of the market.
And if you’re wondering if you’ve left it too late to sell before Christmas, with 33 days and five weekends left til Christmas, and REIWA reporting an average days on market of just 11 days, we still believe there is plenty of time to list and sell prior to Christmas.
Whether you’re looking to buy or sell, our team is keen to understand your unique needs and goals and to provide tailored advice to help you move forward with confidence. Please get in touch – we’d love to assist with your property journey.
