With rising buyer demand and limited listings, competition for property in Perth is heating up. If you’re looking to buy, you need to be prepared for increased competition.
Factors shaping Perth’s property market
One of the most significant changes on the horizon is the potential for interest rate cuts. With the Reserve Bank of Australia having made two already (February and May), rate cuts have increased borrowing power for many buyers. This has encouraged more people to enter the market, increasing competition.
The impact of the first rate cut can already be seen in the market. According to the Real Estate Institute of Western Australia (REIWA), the number of listings in Perth declined by 3.8% between February and March. Additionally, the number of days properties are spending on the market dropped from 16 to 13, increasing the urgency for buyers.
And, with economists predicting further rate cuts later in the year, buyer activity is likely to continue growing.
Further intensifying the market, both the new federal and Western Australian state governments have expanded or introduced new housing policies designed to help more people into homeownership.
The federal Help to Buy scheme and the expanded Home Guarantee Scheme aim to get more first home buyers onto the property ladder. WA’s increased stamp duty concessions and exemptions will make the cost of purchasing a home more affordable for many buyers.
These initiatives are expected to increase demand, particularly among first home buyers and those previously priced out of the market.
Why you need a buyer’s agent in this market
In an already constrained market, these factors will likely tighten conditions further, making it even more important for you to have the right strategy and support in place. This is where a buyer’s agent like Resolve Property Solutions becomes an invaluable asset.
Access to off-market opportunities
Given the current shortage of public listings, which is likely to shrink even further with more buyers in the market, you need every advantage you can get. A buyer’s agent can give you access to off-market opportunities – properties that are not publicly advertised.
With an extensive network and established relationships with local real estate agents, they can connect you with homes you won’t find on real estate websites.
This means you can explore more options, avoid bidding wars and secure a property before others even know it’s available.
Negotiation skills
When the market is tight, the ability to negotiate effectively can be the key to beating out other buyers. Experienced buyers’ agents know how to present compelling offers and manage competition, helping you secure your ideal property without overpaying.
This extends to auctions as well, where your buyer’s agent can bid on your behalf, taking the emotion and stress out of the situation and focusing on closing the deal.
Market insights
Buyer’s agents possess up-to-date knowledge of the property market, including price trends, infrastructure plans and relevant legislation. Buyers’ agents like Resolve Property Solutions who are local to Perth, will have even more knowledge of suburb-specific data like school catchment zones, transport routes and neighbourhood demographics.
This expertise can guide you towards sound investment decisions, identifying properties that suit your needs and budget.
Saving time and stress
Finding a property in a tight market can be challenging and time-consuming. Buyer’s agents streamline the process, from shortlisting suitable properties to conducting due diligence and managing paperwork. This support can save you significant time and stress, allowing you to focus on other priorities.
Looking to secure your ideal property in Perth’s tight market? Don’t let competition hold you back. As an expert Perth buyer’s agent, Resolve Property Solutions can help. To discuss your options, book a free discovery call with a Resolve Buyers Agent.
