What's Happening In Sales?

In short, it’s all happening in sales.  Looking at the REIWA Insight figures, there are currently 5,084 properties for sale on the market in Perth.  Comparatively, this is slightly lower than 4 weeks ago and significantly lower than last year, when there were over 8000 properties for sale in Perth.  The lower stock means that buyers have less to chose from, so what is coming up for sale is selling quickly, the median selling time in Perth is an astounding 9 days and seems to keep getting lower.

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Many might be expecting the massive four per cent increase in the RBA interest rates to start to curb some of this strong property market activity.  But it’s not.

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Whilst some buyers have been impacted with their affordability, many have not.  Most buyer activity, based on what we are seeing on the ground, is people upsizing and downsizing.  Meaning many are selling their homes and being in a strong position to make cash offers.  Not to mention those upsizing selling their homes quicker and being able to buy sooner.

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Looking forward it’s always difficult to anticipate what’s ahead.  We’re about three years into an upwards trend in property value (Perth median house price is up 17.9% from 2020), historically, these upwards trends have not lasted forever, but one thing is clear, the Perth property market today is in its best shape it has been in for over ten years.

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In short, it’s all happening in sales.  Looking at the REIWA Insight figures, there are currently 5,205 properties for sale on the market in Perth.  Comparatively, this is slightly lower than 4 weeks ago and significantly lower than last year, when there were over 8000 properties for sale in Perth.  The lower stock means that buyers have less to chose from, so what is coming up for sale is selling quickly, the median selling time in Perth is an astounding 10 days.

​

Many might be expecting the massive four per cent increase in the RBA interest rates to start to curb some of this strong property market activity.  But it’s not.  Whilst some buyers have been impacted with their affordability, many have not.  Most buyer activity, based on what we are seeing on the ground, is people upsizing and downsizing.  Meaning many are selling their homes and being able to make cash offers.  Not to mention those upsizing selling their homes quicker and being in a position to buy sooner.

​

Looking forward it’s always difficult to anticipate what’s ahead.  We’re about three years into an upwards trend in property value (Perth median house price is up 17.9% from 2020), historically, these upwards trends have not lasted forever, but one thing is clear, the Perth property market today is in its best shape it has been in for over ten years.