Perth Property Market Tightens as Seller Logjam Limits New Listings
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What is the current state of the Perth property market?
It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. Hey, it's the Real Estate Breakfast here again after another weekend rapidly came and went. Often, if you are looking at real estate over the weekend, you know you're almost done. We'll be right back. So, of course, you are going to be back at work this morning, probably fuelling the body for breakfast on our Monday morning. It is February the 9th. Talking of eating, the Bureau's latest living cost index is... recorded annual cost increases of between 2.3% and 4.2% in the year to December. Now, when you strip the numbers back, this really lands in everyday life. Living costs went up for everyone last year, but not evenly.
If you are on wages, things escalate. Did ease a little, thanks to lower mortgage costs. If you're on government payments, it's been tough. You know, you've got the power bills especially, which have bitten hard.
Why are sellers hesitant to list their homes in Perth?
While some households finally caught their breath. Others are still feeling very much squeezed every single week. As we right now take you to Perth, we are going to catch up with Jared Mahn from Investors Edge Real Estate. And a very good morning to you, Jared. Welcome on to the Real Estate Breakfast. It's a wonder how people are able to afford this current economy and just the cost of living these days.
Yeah, it's certainly crazy times. We've got people struggling on one hand, but we've also got a crazy hot market here in Perth and people paying higher and higher prices every week.
Yeah, it's still pretty much running hot, isn't it? The Perth property market, it is hitting these record highs. Buyers are moving fast on quality properties and vendors are benefiting from Which is an interesting point. The vendors are, without question, they're benefiting from this imbalance in the market.
Yeah, well, we're 50% down on the number of listings that we had a year ago at the moment.
How is buyer competition affecting property prices in Perth?
That just goes to show you how tight things are. And over the last four months, my average selling price above asking has been $72,000. And I'm already pushing the asking price quite high. On some cases, it's just been really extreme. I mean, I had one on the weekend that sold for $250,000 above asking with 27 offers. I had one two weekends ago that sold for $325,000 above asking. We don't even know what price things may go to. I guess our job is the agent to push it and get as much as possible. And it is a great time for an owner to sell if they've wanted to.
low listings they are deepening the perth shortage then you've got the the seller hesitation many owners are hesitant to list they're worried about finding their next home in this very constrained market which keeps listings at record lows and adds up towards pressure on the prices and the the competition Not that easy for people to sell their properties in this market because they're looking at where do we go to next and tend to often just sit there.
It's really difficult for homeowners, especially that want to do an upgrade or a downsize because they're very worried that if they sell their place, they're not going to find something in time. And of course, they can't make a subject to sale offer when they're competing against four or five other offers minimum. And they can't go and rent in the market because it's so hard to find a rental still.
What challenges do homeowners face when selling in this market?
So it's really jammed up and it's a big juggling act, especially when I'm in the middle trying to help them not only sell and get a great price, but then know that they've found something. And so there's ways around it and things that we can do to try and smooth that all out, but it's still very difficult.
What do you think is likely going to happen? We are in 2026 now, growth over the next 12 months for somebody that is, oh, how long have you been in the Perth property market?
18 years now as a real estate agent and focused on investing and helping our clients. Been investing for 20 plus years myself, so know it intimately.
That's good. So you're the right person to ask that question.
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Chapters
8 chapters
1
What is the current state of the Perth property market?
0:02–1:36
2
Why are sellers hesitant to list their homes in Perth?
1:36–2:45
3
How is buyer competition affecting property prices in Perth?
2:45–4:19
4
What challenges do homeowners face when selling in this market?
4:19–5:22
5
How are first-time buyers influencing the Perth property market?
5:22–6:42
6
What impact do interest rate changes have on the property market?
6:42–7:41
7
How are investors from other states impacting the Perth market?
7:41–9:22
8
What predictions can be made for the Perth property market in the next year?
9:22–14:04
Speakers
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