Property market update: Melbourne, July 2022
Melbourne continued its downward spiral in July, as the property values in the city recorded deeper declines during the ...
Strong consumer demand, together with a lack of supply, is leading to Perth’s western suburbs experiencing strong growth, a consultant has found.
These suburbs also recorded lower days on market during September of 14, 8 and 11 days, respectively.
“Sellers are now with 55.6 per cent of Floreat properties, 33.3 per cent of properties in Shenton Park and 45.8 per cent of Subiaco properties listed without a price,” she said.
Momentum Wealth’s client advice manager, Emma Everett, highlighted that the tightening property market is leading to a number of sellers in the area listing their property without a price.
“Broad pricing strategies are becoming more common across the entire Perth market, but the trend of listings not featuring a price is strongest in the established western suburbs market, where oncoming housing supply is particularly limited.”
“The established housing market within the western suburbs also attracts more experienced buyers who generally have a stronger financial position and require a smaller borrowing percentage, allowing selling agents to more readily test demand,” Ms Everett said.
Ms Everett pointed to another hotspot, , which is seeing median days on market at just 7 days at the end of September, with 37.9 per cent of properties listed without a price as selling agents take advantage of buyer demand to test market pricing.
“Despite having 1.5 per cent stock on market overall, above the Perth average of 1.3 per cent, Claremont’s market composition is weighted towards apartments, with strong demand for the limited supply of stand-alone houses still leading to an increase in competitive listing strategies,” Ms Everett said.
Creating an uncertain market
The number of properties that are listed without a price and the rapid selling time for these listings could create uncertainty for buyers who are looking to enter Perth’s western suburbs.
“The rapidly moving market and subsequent increase in the number of properties listed without a price can pose a challenge to buyers who may be unable to gauge the true value of a property and are worried about overpaying,” she said.
The client advice manager urged buyers to remain diligent and to look for opportunities to capitalise on.
“Our advice to buyers is to stay on top of emerging trends within the market and ensure your financial position is qualified so you are ready to act when opportunity presents itself,” Ms Everett concluded.