How we have changed our approach to real estate (and why it's working)

The Perth real estate market is experiencing unprecedented changes, marked by a severe shortage of available properties and rising house prices. With the median home price projected to reach $850,000 by mid-2025, the market is being driven by strong migration and a booming WA economy. However, long construction completion times due to skilled labour shortages continue to limit supply, exacerbating the issue.

Predictions indicate a potential 20% increase in housing prices from January to the end of the year, further intensifying the challenges for buyers and agents. We're seeing properties sell well over the asking price, people buying properties without seeing them, and cash buyers swooping in at the last minute.

In this dynamic environment, we are adopting proactive strategies to navigate these challenges and ensure success for our clients. Our approach centres on adaptability, client-centric service, and innovative solutions. Here's how we're staying ahead:

Increased buyer engagement The surge in buyer interest requires our agents to handle significantly more inquiries. Jason Kuriata , one of our dedicated Property Agents, highlights the intensified workload: "The enquiries have tripled, and I have found that I am definitely working harder because of the lack of stock. There are more callbacks to be done and more in terms of qualifying the buyers." To manage this, we are prioritising efficient communication and thorough buyer qualification processes. Mouve Director Chris Tonich adds, "Over the past 12 months, the Perth real estate market has seen extreme price growth. From a marketing perspective, we have strategically implemented targeted marketing campaigns to effectively reach potential buyers and investors best suited to the type of property to maximise end sale values."

Personalised buyer support Given the current market conditions, working closely with buyers and understanding their specific needs is crucial. Jason emphasises the importance of asking the right questions: "You need to ask the right questions because there is still a lot of choice out there for apartments." This approach helps us guide buyers to the best possible options, ensuring they find properties that meet their requirements.

Supporting developer sales Troy Smith , MOUVE Real Estate Director shares his insights on working with developers: "A large component of my business is working with developers either selling off-the-plan or under-construction properties. Given the shortage of available properties on the market, we have worked closely with buyers to ensure the changeover process into their new home has been as seamless as possible. Given that many buyers also require to sell or obtain finance, the communication and timing up until settlement have been pivotal."

Educating buyers on off-plan purchases With the shortage of established properties, buying off the plan has become a viable alternative for many buyers. Jason notes, "This is completely different to buying an established property. Our simplified buying off the plan guide has been a great tool and helped answer all the frequently asked questions when buying off the plan." Educating buyers on this process is key to helping them make informed decisions and feel confident in doing so.

Accurate property pricing Accurate pricing is more critical than ever in a fast-moving market. Jason explains, "It's really hard to price property right now because the market is moving really fast. As an agent, pricing a property is critical to the overall success of each sales transaction." We conduct thorough due diligence to ensure our pricing reflects current market conditions, benefiting both sellers and buyers. Chris adds, "We've had to adapt our negotiation approaches to secure favourable outcomes amidst competitive bidding and focus on engaging with buyers at home opens to attract qualified buyers amongst the many buyers that attend opens."

Preparing for quick sales A house typically sells in 8 days in Perth right now. The rapid pace of the market necessitates quick action from buyers. Jason advises, "Buyers have to put their best foot forward because multiple offers are coming through the door, so they must have all the sales documentation from the get-go so they can act quickly." We assist our buyers in preparing all necessary documentation to streamline the buying process.

Facilitating seamless transitions Troy adds, "Having a wide range of diverse stock has allowed us to work closely with buyers to assist them in finding the right option at the preferred price point and location. This is beneficial to both the buyer and seller."

Off-market opportunities To maximise opportunities for our clients, we are also facilitating off-market transactions. This strategy helps match sellers and buyers more efficiently, often leading to quicker and more favourable outcomes for both parties.

Looking ahead As the market continues to evolve, we remain committed to adapting our strategies to meet the needs of our clients. Our proactive approach ensures that we stay ahead of market trends, providing top-tier service and expert guidance. Troy notes the importance of this: "Identifying trends allows us to make informed decisions in this ever-changing market. Communication of these trends allows buyers and sellers to make informed decisions." Chris concurs, "Being aware of market trends in real time allows buyers, sellers, and agents to all receive a competitive edge when buying or selling."

How are you finding the current real estate market, and what strategies have you implemented to meet the needs of your clients? Share your experiences and insights in the comments below!