The latest data on active property listings in Perth shows that there were 4948 listings at the end of February, which is a 23% increase from the previous year. Houses in Perth are also taking longer to sell, with the median time on the market in February being 13 days, four days longer than a year ago. REIWA chief executive Cath Hart noted a change in buyer behavior, with buyers being more cautious and strategic in their purchasing decisions compared to a year ago when fear of missing out (FOMO) drove buyers to borrow more to secure a home.
Despite the longer selling times and more discerning buyers, property prices in Perth continue to grow. In February, the median house sale price rose by 1% to $757,750, marking a more than 22% increase from the same time last year. Some suburbs experienced significant growth in February, with Mandurah, Doubleview, Carlisle, Lesmurdie, and Bullsbrook seeing increases in their median house prices ranging from 2% to 2.9%. Although many sellers are still receiving multiple offers and selling above the asking price, those looking to list their homes now may have a different experience than sellers last year, with moderate price growth, longer selling times, and fewer homes selling at the first open house.
Buyers in Perth are now more concerned with what they can comfortably afford to repay rather than stretching themselves financially to secure a home. This shift in buyer mentality is reflected in the slower pace of sales and the increased number of active listings. Sellers are advised to be mindful of these changing market conditions and adjust their expectations accordingly. Despite the changes in buyer behavior and selling trends, Perth’s property market continues to show resilience and growth, with prices steadily increasing year over year.
The increase in active property listings and longer selling times may be attributed to the transition from a more frenzied market to one that is more balanced and stable. This market shift benefits both buyers and sellers, as it allows for more time to make informed decisions and negotiate terms that are favorable to both parties. The current market conditions in Perth present opportunities for buyers to carefully consider their options and for sellers to position their properties competitively to attract the right buyers.
With the median house sale price in Perth reaching $757,750 in February and showing steady growth, the property market in the city remains robust and attractive to buyers and investors. Suburbs such as Mandurah, Doubleview, Carlisle, Lesmurdie, and Bullsbrook have seen notable increases in median house prices, indicating strong demand and potential for future growth. As buyers become more selective and deliberate in their purchasing decisions, sellers are encouraged to price their properties strategically and make necessary adjustments to meet changing market dynamics.
In conclusion, the latest data on Perth’s property market highlights a shift in buyer behavior and selling trends, with active listings increasing and properties taking longer to sell. The market remains strong, with prices continuing to rise and certain suburbs experiencing significant growth. Buyers are advised to be prudent in their purchasing decisions, while sellers should be prepared for a more balanced and competitive market. Overall, Perth’s property market shows resilience and stability, providing opportunities for both buyers and sellers to navigate the changing landscape and make informed decisions.
