How is the spring market tracking in Perth?

14 October 2023

High buyer interest and super low stock levels are putting extra pressure on Perth’s spring selling season, with it shaping up to be one of the most active markets in the country.

Mont Property Managing Director Matthew Podesta said there had been a significant surge in buyer inquiries and the number of prospective purchasers attending home opens since early September.

“Demand remains strong for properties in the mid to top tier in our area, particularly those in the $1 million to $2 million price bracket,” Mr Podesta said.

“Buyers may be especially active at this price point, but the lack of available listings, fuelled by extra demand, is resulting in higher sales prices – at times, much higher than expected.

“The balancing in the threat of further interest rate rises is also providing added surety for buyers who are now feeling much more confident than they have in the past 18 months.”

At its October meeting, the Reserve Bank of Australia left the cash rate unchanged at 4.1% for the fourth consecutive month, signifying the longest hold since rates began rising from a record low of 0.1% in May last year.

Mr Podesta said the Perth market was showing renewed positivity and optimism, and had recorded growth in property values almost every month this year.

CoreLogic says Perth has sustained the most property growth of any capital in the past year.

Since finding a floor in February, Perth home values have risen by 5.3% to a new record high. But advertised supply remains low, with listing counts sitting around 40% below the previous five-year average.

“I expect property prices will continue to increase in Perth, amplified by the already heated spring selling season, the short supply of stock and eager buyers,” Mr Podesta said.

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