Perth’s property market is experiencing a seller’s paradise according to REIWA, with the lowest rate of discounting in 20 years [Perth property market, seller’s market].
Record Low Discounting
Just 12.6% of houses sold below asking price so far in 2024, a significant drop compared to the boom years of 2013 and 2014, when discounting rates soared above 40% [Perth property prices, REIWA data].
REIWA CEO Cath Hart attributes this shift to fierce competition among buyers [Perth real estate agent, REIWA].
Bidding Wars and Soaring Prices
Many sellers are receiving multiple offers, with nearly 90% of houses fetching above asking price [Perth property for sale, multiple offers]. On average, houses are selling for 5% more than their listed value – a stark contrast to pre-pandemic times [Perth property growth, REIWA].
Competition Drives Market
Ms. Hart highlights the rising market and strong buyer competition as key drivers of price increases [Perth investment property, Perth property trends]. She advises sellers to leverage comparative sales data when setting listing prices, acknowledging that competition often pushes prices even higher [Perth property for sale, listing price].
Fast Sales and Rising Baselines
The rapid sales pace is accelerating price growth. Each sale sets a new benchmark for the neighborhood, pushing prices for subsequent listings even higher [Perth property market, rising prices].
Discounting Varies by Price Range
The trend of minimal discounting is most prominent in the sought-after $350,000 to $800,000 range, where houses are selling for an average of 6% above asking price [Perth affordable housing, Perth property for sale].
Luxury Market Sees More Discounting
The highest-priced properties (over $3 million) show a different picture, with 31.32% selling below listing price at an average discount of 2.63% [Perth luxury homes, Perth property for sale].
Strategic Offers Key for Buyers
Ms. Hart suggests that traditional lowball offers are no longer effective in this competitive environment. Buyers should submit their best offer upfront and consider offering flexible settlement terms, the option for the seller to rent back the property, or a cash purchase to make their offer more attractive [Perth real estate agent, buyer tips].
A Hot Market for Sellers
The Perth property market is currently favoring sellers, with high demand and minimal discounting. This information is valuable for both buyers and sellers navigating the current market conditions.
For further information or a confidential chat, Whatsapp Josh on +61 488 0388 05 or josh@myperthrealestate.com.Au
