The holiday season traditionally brings a decline in the number of property listings. Perth property listings however, slumped to a twelve year low last month, according to REIWA data. Whilst there has been an increase in the number of listings, every capital city recorded a below average number of new listings for January.
Current listing numbers are reflective of levels experienced in 2010, however, Western Australia’s population has grown by 22% over that period. With population growth expected to continue, it will neutralize any increases in new listings, ensuring housing demand remains strong. This means that although there is some hesitancy about interest rates, there is nothing to indicate a significant price drop is imminent for the Perth property market.
Recently released data shows that lending for the purchase and construction of new homes has fallen to its lowest level since 2012 according to the HIA. Building approvals also fell throughout 2022. A reduction in the supply of new housing will continue to intensify the stock shortage Perth is already experiencing.
Perth Suburbs Moving Up
Despite a marginal overall decrease in January, the Perth property market remains stable, experiencing only a 0.1% decrease over the past three months, the smallest of any capital city. This is further indicated by the numerous Perth suburbs that saw prices grow in January.
Fremantle and East Victoria Park both enjoyed a 2.1% increase in housing prices for the month, with values rising to $1,062,000 and $740,000 respectively. Close behind was Yangebup, where prices grew 2% to $540,000.
Ballajura took out fourth place, with sale prices rising to $500,000, a 1.7% increase. Mount Lawley and Success tied for fifth place, both experiencing 1.5% growth to $1,217,500 and $593,500 respectively.
Many real estate agents are only just now returning from holidays, but our team have been working hard for our clients throughout January. In the face of record low stock levels, our team still managed to find ideal properties for a number of clients. 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!
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help you search, negotiate and secure your property goals at the best possible price.
Our story started with the passion for property and the research behind finding the right one.