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Perth selling spree: Houses snapped up in days
Perth’s property market has remained hot, with homes selling in days, low stock, and hesitant sellers driving competition, prompting buyers to act fast or risk missing out.
Recent Real Estate Institute of Western Australia (REIWA) data showed that market momentum has remained strong in Perth, with houses selling on average in eight days in September, two days faster than in August and three days faster than 12 months prior.
Similarly, the increased pace extended to units, with sales occurring on average in nine days, down from 11 days a year ago.
In Bassendean, one of Perth’s fastest-selling suburbs, Paul Hanich of Professionals Wellstead–Bassendean said that properties often sell after just one open home.
With almost 30 years of experience, Hanich told SPI’s sister brand, REB, that the hot market has been keeping sellers hesitant to list their properties, fearing they won’t find their next home.
“We’re still doing plenty of appraisals and people who indicate they want to do something, but they’re afraid to put it on the market and get an offer straight away because they haven’t found anything to go to,” Hanich said.
“Unless we see a real turnaround in the availability of stock, we are probably going to continue to see people panic-buying and prices rising.”
While stock has remained low, Hanich noted an increased amount of traffic coming through open homes in recent weeks.
“In the past, we might’ve had 10 to 15 groups through on a twilight home open during the week; the last few we have had, we are getting 30-plus groups through,” Hanich said.
Across the city, data showed that Girrawheen was the fastest-selling suburb, with properties being listed for just four days before being sold.
Properties in Bassendean, Langford, Kewdale, Quinns Rocks, Huntingdale, and Cooloongup sold in an average of five days, while dwellings in Maylands, Nollamara, and Parkwood remained on the market for an average of six days.
REIWA president Suzanne Brown said that fewer listings, strong demand, and sellers’ reluctance to sell contributed to the short supply across Perth.
“If you are wanting to secure a new home in Greater Perth in the present market, whether a house or a unit, it is important you have the ability to make a quick decision,” Brown said.
She said that while it was expected that property sales would remain busy following the introduction of the First Home Guarantee, it was too early to make predictions.
“We see October being an active month in the market, with the arrival of sunny weekends, and changes to the first home buyer guarantee coming into play,” Brown said
“It’s too soon to say if this is going to be a typical spring. New listings are rising a little, but we are not yet seeing a big uplift in the number of homes offered for sale.”
According to Hanich, serious buyers should stay up to date on real estate platforms and act quickly to increase their chances of securing a property.
“I’ve been in conversation with so many people who have been looking for three months and keep putting offers in and are getting pipped at the post,” he said.
“You have got to be on it every single day; otherwise, the people that are checking daily are going to beat you to it.”