Last year (2024) we saw the record low (3,266) residential listing numbers ease and stock levels gradually increase into the November 2024 period (5,080).
Buyers became somewhat discretionary and the crazy price growth took a breather.
It was all over.
But like a creepy clown horror movie the next jump scare is never far away.
Stock levels as of 4 days ago are just 24 more than that memorable low last year.
In a city of 2.3 million people there are just 3,292 listings for sale, this includes land (598).
So potentially only 2,694 dwellings that are ready to live in.
Remember market equilibrium is said to be around 14,000 listings in Perth!
The mind boggles.
This is far from sustainable.
There is desperation amongst buyers that we thought was over.
Home Opens right now are categorised by humans marching in apocalyptic waves towards the front door like a re-make of the Night of The Living Dead.
Buyers don’t want value.
In a battle of multiple Buyers making offers at once, they all need to “win” at seemingly any cost, just so they can put a roof over their heads.
This is a parlous state of affairs.
In the march towards the inevitable Christmas hiatus there is a lot of real estate business to be done.
The fabled spring market lies ahead.
A time where, as the sun shines warmly upon us, the listings traditionally increase in number.
Will this be enough to meet the unrequited demand?
I suspect not.
As at August 2024, the Australian Bureau of Statistics reported –
‘Of the state capital cities, Perth had the highest median weekly earnings ($1,500 per week), followed by Melbourne ($1,450) and Sydney ($1,416).’
With effective full employment in WA, the highest wages in the country and a Reserve Bank interest rate cut reportedly on the way to make borrowed money even cheaper, what could possibly go wrong?
The growth in the short term will continue.
East Victoria Park’s stellar 4% median house price growth in July 2025 alone is enough to boggle the mind.
It is a good time to own a property.
It’s a great time to sell.
Derek Baston
0417 99 23 24
sales@bastonandco.com
