Perth’s property market is changing, and the latest figures from REIWA and Cotality paint a clear picture of just how quickly conditions have shifted.
According to REIWA’s latest weekly market snapshot, there are now 8,317 properties listed for sale across Perth, an extraordinary increase of almost 200% compared with the same time last year, when fewer than 2,800 properties were available. Sales activity has also slowed, with weekly sales down 28.3% compared with the corresponding week last year.
Cotality’s latest research reinforces this changing landscape, reporting a 64.7% annual increase in advertised listings and a rise in median selling times from just 11 to 26 days. Perth dwelling values have also declined by 4.7% over the September quarter.
While the two organisations use different reporting periods and methodologies, the message is consistent. After several years of extraordinary growth, buyers now have more choice, more time to consider their options and greater negotiating power.
For sellers, this doesn’t mean excellent results aren’t achievable. It does mean the strategies and price expectations that worked six or twelve months ago may no longer be appropriate.
It’s also important to remember that there are markets within markets. Conditions vary across suburbs, property types and price points, and we’re still seeing genuine buyer interest and good outcomes where properties are well presented, appropriately priced and supported by a considered sales strategy. What has changed is that buyers are becoming more selective, and sellers can no longer rely on the urgency and competition that characterised the market over recent years.
One of the greatest risks in a changing market is holding onto yesterday’s price expectations. When a property is positioned above where buyers see value, interest can fade quickly. As days on market increase, sellers can find themselves making successive price reductions, ultimately chasing the market down rather than meeting it with a considered strategy from the outset.
This is where listening to your agent’s market feedback becomes so important. We’re speaking with buyers every day, understanding their objections, seeing what they’re comparing and hearing what they’re prepared to pay. That feedback is valuable market intelligence, even when it’s not necessarily what we want to hear.
In a market offering buyers considerably more choice, getting the pricing, presentation and marketing strategy right from the beginning has never been more important. Equally important is having the confidence to respond when the market tells us something different from what we initially expected.
At White House Property Partners, our role isn’t simply to tell you what you’d like to hear. It’s to provide honest advice, interpret the market as it evolves and help you make informed decisions that put you in the strongest possible position.
The market ultimately determines the price. Our job is to help you achieve the very best result within it.
If you’re considering selling, or your property is already on the market, now is the time for an open conversation about strategy, buyer feedback and realistic expectations. Sometimes a small adjustment today can make a significant difference to the outcome tomorrow.
