Buying or Selling Property in Perth, WA, right now? This is what you need to know

The Perth property market continues to exhibit remarkable resilience and growth in 2024, presenting many opportunities for buyers and sellers. According to the latest report from the Real Estate Institute of Western Australia (REIWA), the median house price in Perth has reached $661,000, underscoring a stable market driven by consistent demand. Additionally, the rental sector remains vibrant, with the median weekly rent for houses pegged at $650, highlighting a tight rental supply amidst robust demand. At WA Settlement Services, we closely monitor these trends to provide expert guidance and support to clients navigating Perth’s dynamic real estate landscape.

Current Market Analysis

Sales Trends

Over the past week, 1,071 properties were sold, with houses leading at 664 sales. This marks an increase compared to both the previous month and the same period last year, indicating a healthy interest in property acquisitions.

Listings

The number of properties listed for sale has significantly dropped to 3,144 from 5,220 last year. This reduced supply suggests a fiercely competitive market for buyers, igniting a sense of urgency and motivation.

Rental Market

The rental market remains tight, with only 2,597 properties available. High demand has driven up weekly rents, underscoring the need for more rental properties.

Insights from the March 2024 Quarter

Recent data from the March 2024 quarter highlights an upward trajectory in Perth's property market. The median sale price for three-bedroom houses increased by 3.8% to $675,000, while two-bedroom other dwellings saw a 7.0% rise to $460,000. This annual growth rate is substantial, with three-bedroom houses recording a 20.5% increase and two-bedroom dwellings rising by 15.0%.

Regional Performance

• Perth Middle and Outer regions saw notable quarterly increases in median sale prices, with Perth Middle up by 4.2% to $787,000 and Perth Outer by 6.2% to $643,500.
• Bunbury and Albany showed positive growth in regional WA, while Broome experienced a slight decline.

Discounting Trends

Discounting has hit the lowest levels in decades, with only 12.6% of houses sold for less than the listed price. This is a sharp decline from previous years, reflecting intense competition. Most properties are selling for about 5% more than their listed prices, with nearly 90% of houses fetching more than their initial asking prices. This trend underscores a seller's market where buyers must act swiftly and often make competitive offers to secure their desired property.

Predictions and Advice

For Buyers

Given the limited supply, prospective buyers should act swiftly when desirable properties become available. The current stable median prices present a favourable investment opportunity, especially in high-demand suburbs like Baldivis and Ellenbrook.

For Sellers

The reduced number of listings and strong buyer demand create an advantageous environment. Competitive pricing and well-presented properties can facilitate faster sales and potentially higher selling prices.

For Renters

The competitive rental market requires quick application submissions and a readiness to meet higher rent demands. Exploring emerging suburbs might offer more affordable rental options and less competition.

Rental Market Dynamics

The rental market in Perth is characterised by a very low vacancy rate, which dropped to 0.4% in the March quarter, making it the tightest rental market in the country. Median weekly rents increased by 3.4% to $600 for three-bedroom houses and by 9.1% to $600 for two-bedroom dwellings over the quarter. Annually, rents have risen by 16.5% for three-bedroom houses and 21.2% for two-bedroom dwellings.

Regional Rental Performance

• Perth's Inner, Middle, and Outer regions saw rent increases for both houses and other dwellings.
• In regional areas, Bunbury and Broome recorded significant rent hikes, while Albany saw a decline in rents for other dwellings.

Navigating the Market

Navigating the Perth property market this winter requires staying informed and agile. With strategic planning and timely actions, buyers and sellers can leverage current trends to their advantage.?

Implications for Buyers

The current trends indicate a highly competitive market, particularly for buyers. With properties frequently selling above the listed prices and discounting at their lowest in decades, buyers must be prepared to act quickly and decisively. Here are some tips for buyers to navigate the current market:

• Get pre-approved ?Secure mortgage pre-approval to ensure you can make a swift offer.
• Be ready to compromise ? With limited supply, being flexible on specific preferences can help secure a property faster.
• Act quickly ? Properties are moving fast, so timely decisions and prompt offers are crucial.

Implications for Sellers

For sellers, the market conditions are highly favourable. The high demand and low supply, coupled with minimal discounting, mean that sellers can achieve strong sale prices. Here are some tips that can help those wanting to put their property on the market:

• Price competitively ? While it's a seller's market, pricing your property competitively can attract more buyers and potentially lead to bidding wars.
• Enhance presentation ? Investing in staging and minor renovations can significantly impact buyer interest and sale price.
• Market effectively ? Use professional photography and wide-reaching advertising to maximise exposure.

In conclusion, the current property forecast clearly indicates that Perth's market remains robust, with ample opportunities for growth and investment. Staying informed about market trends and acting decisively will be crucial to success in this dynamic environment. Whether you are buying or selling, understanding the current market dynamics and preparing accordingly can help you achieve your real estate goals. For more detailed insights and the latest updates, we suggest you visit the REIWA Perth Metro Market and related reports.

Partner with WA Settlement Services

Having a reliable and experienced settlement agency can make all the difference when buying or selling property. At WA Settlement Services, we are leaders in conveyancing in Perth, offering a tailored, boutique service to meet all your property transaction needs. Our professional team handles everything from advising on contracts to conducting property checks, transferring funds, and registering settlement documentation at Landgate.

Why Choose WA Settlement Services?

• Expertise with years of experience ? we ensure a smooth, hassle-free property settlement process.
• Personalised service ? Our bespoke approach means your unique needs are met with tailored solutions that fit around you and your lifestyle.
• Efficiency ? We handle all aspects of the settlement, keeping you informed every step of the way.
• Client satisfaction ? Our clients' feedback underscores the effectiveness of our process and the warmth of our team. Their testimonials reflect our dedication to delivering excellent service with a professional yet friendly approach.

For more information and to get a quote, visit WA Settlement Services.?