Perth Property Exceeds Expectations

According to a new report commissioned by Openn, 35% of Australian properties sold below agent price expectations for February. The research allows a tolerance of 10% either side of the agent advertised price and under normal market conditions, 45% of properties should sell within this range. A lower proportion of sales meeting the agent asking price is an indication of a disparity between sellers expectations and buyer demand.

New South Wales saw the greatest gap between buyers and sellers, with 68% of sales for February below the expected price by 10% or more. Western Australia not only had the highest proportion of sales within price expectations, it also had the highest proportion of properties (12%) sold above expectations.

This is great news for sellers, a further proof that strong demand is maintaining the stability of the Perth property market. For buyers though, caution is needed. Openn research also found multiple ‘surprise’ sales in Western Australia, where properties sold for 25% or more above the asking price.

Digging a little deeper, it becomes apparent that in these ‘surprise’ instances, buyers vastly overpaid for properties. Paying more than a property is actually worth is a real danger when stock levels are so low and competition is high. Avoid buyer regret by doing your research or having an expert work for you to ensure you secure the right property at the right price.

Index results February 2023

Source: CoreLogic

Perth Suburbs Moving Up

Ballajura continued to defy national trends, experiencing a 1.7% increase in house price growth for January and following this up with a 1.8% increase to $505,000 in February, taking out the top spot for the month.

Close behind, South Perth was the second best performer for February, with house prices growing to $1,750,000, an increase of 1.7%.

It was a three way tie for the rest of the top five suburbs for February, with all three recording a 1.4% increase for the month. Port Kennedy saw prices rise to $461,500, and had the added honour of being one of the fastest selling suburbs. Properties in the area were snapped up in just six days, much faster than the monthly median of thirteen days. Also with 1.4% gains, prices in Dayton grew to $477,500, and Balga to $375,000.

Leeming, Willetton and Kardinya also performed well throughout February.

Resolve In The Media

Despite multiple interest rate increases, Perth homeowners are still out front. Research shows that in Perth it’s still cheaper to buy a house rather than rent.

Read more in the full media statement from Resolve Property Solutions Director, Peter Gavalas here.

Property Spotlight

Even with near record low levels of stock available, our hard working team manged to secure almost 40% of our purchases for February either pre or off market. Here’s a small sample of the properties secured during the month:

What’s Happening In The Perth Property Market?

In the past twelve months alone, we’ve helped over 100 clients close deals in high growth, high cashflow locations, while taking care of all the paperwork and dealing with the agents so you don’t have to.

What’s more, we’ve saved them thousands through our intimate market knowledge, vast off market referrer network, decades of experience in development, planning, investing and our in ‘the trenches’ up to the minute live pricing models.

You may feel you’re already a good researcher, negotiator and deal finder and you probably are – for your level of experience.

However the reality is – we’ve closed over 100 deals in the past year, developed a vast network of referrers over the past 2 decades, and built a team of full time researchers, deal finders and relationship builders to ensure that if anything happens in the Perth property market – we know about it….first!

Maximise your options by accessing off market deals, giving you more properties to choose from, save time and avoid all the hassle, as we take care of all of the inspections, research and negotiations for you.

If you’re ready to enjoy the same success as our clients, please book your complimentary vision analysis session today!

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