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Perth battle royale: Buyers struggle as homes sell in 2 days
With house listings in some suburbs lasting just two days, buyers in Perth have been facing an uphill battle to secure a property, with short supply further stifling the market.
Across Perth, stocks have continued to tighten, with houses in some areas, including Yokine in the inner north, staying on the market for just two days, according to the October analysis of the Real Estate Institute of Western Australia (REIWA).
Harcourts Alliance area manager Caroline Phillips told REB that it was common for properties in Yokine to sell after just one open home.
“It’s an absolute wild ride over here at the moment,” Phillips said.
Phillips said the limited stock in the market has driven strong attendance at open homes, with offers frequently exceeding the asking price.
“Sellers basically don’t want to wait to have a second or third home open. The offers are good enough that they are quite happy to take those offers pretty much straight after the open home, within 24-48 hours.” Phillips said.
While demand has been at a record high, Phillips said the supply shortage in the area has been restricting sellers from coming to market, as they preferred to have already secured a new home before selling.
“The upsizers are waiting for the downsizers to come to market, but they are almost wanting to be in a direct swap with each other,” she said.
Phillips said the area has been attracting a range of buyers, due to its local amenities and transportation links.
“It’s a lovely green pocket, and it has basically everything you could need,” Brown said.
Phillips said the area's combination of units, as well as detached houses, kept interest levels high, as the range of properties catered to all budgets and buyers.
According to REIWA data, the number of listings across Perth stood at 2,793 at the end of October, representing a nearly 45 per cent decrease from the same time last year.
Across the western capital, dwellings have been selling rapidly, with houses in Kinross moving in just four days, while those in Waikiki, Spearwood, Orelia, Kardinya, Golden Bay, and Beechboro average around five days on the market.