PERFECT STORM

 Perth's listings for sale fell to a record low of 3,648 at the end of December (REIWA data)

23.4% lower than November and 49.0% lower than December 2022.

We as agents have known for months that the listings were drying up and the spring stock was not nearly as good in the numbers coming onto the market as we had we hoped for resulting in a flurry for the homes that did come onto the market. We proved that by 39 Victoria Street selling in 10 days for $2,400,000 being hotly contested.  It's extremely sad for those young families desperately trying to get into the area and some of those families have missed out on purchasing homes 4+ times.

Perth's medium house price continued its upwards trend, reaching $590,000 in December (not sure where in Perth that is REIWA but it's not the western suburbs) more like a unit price.

This was a 0.5% increase on November and 8.3% higher than a year ago.

The median unit price also rose, lifting 0.6% over the month and 0.7% over the year to $408,000.

Units' prices have been much slower to respond to the market conditions than the houses, but they are now seeing the effect of ongoing high demand now. (we know this as our one bedrooms have been selling so fast and a lot of them to the eastern states investors)

The strong motivation to exit the challenging rental market is seeing greater demand for the units. Units are generally more affordable than houses, which helps people put their foot on the property ladder. (Rentals are insane right now)

With the amount of people deciding to come to WA to bring up their families or by the sheer fact they cannot afford to buy a home near their cities where they are currently living is quite alarming. Couple that with migrants and people in general coming home to move back into their properties - this all makes the rental market extremely tight.

If you are looking for a "house" in the Western Suburbs, do you research, make sure you are finance pre-approved and have everything ready to go as you are competing with a huge amount of people are also doing the same thing.

Good luck out there and if we can help please email or call us.

MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!

SELLING MOSMAN PARK & THE WESTERN SUBURBS!!

KEEPING IT REAL IS OUR MOTTO!!!