Perth’s housing market remained hot in January, with both house and unit prices rising, although sales activity started slow. Here’s a quick breakdown for different audiences:
For Buyers:
- Expect competition: Listings are still near record lows, meaning bidding wars are likely. Popular suburbs like Mindarie, Como, and Camillo saw significant price growth.
- Act fast: Houses are selling in just 9 days on average, so be prepared to move quickly when you find “the one”.
- Rents continue to rise: Be prepared for higher rental costs, especially in suburbs like Attadale, North Coogee, and Orelia. Consider teaming up with other renters to manage affordability.
For Sellers:
- It’s a seller’s market: Take advantage of high demand and potentially fetch top dollar for your property.
- List now to capitalize on the spring surge: Sales activity is expected to pick up in February, so get ahead of the rush.
- Consider offering extended settlement: This can be attractive to buyers struggling to secure finance in a fast-paced market.
For Investors:
- Strong potential for capital growth: Perth’s market shows no signs of slowing down, making it an attractive investment destination.
- Be mindful of rental vacancy rates: While they’re increasing, they haven’t reached pre-pandemic levels yet. Research suburbs with high rental demand.
- Diversify your portfolio: Consider both houses and units to spread your risk and cater to different tenant needs.
Overall:
- Perth’s property market is booming, offering opportunities for both buyers and sellers. However, affordability concerns are rising for tenants.
- Stay informed by following Perth market trends and key suburbs to make informed decisions.
