Perth’s property market is giving buyers a little more room to move after several years of extremely tight conditions.
According to SQM Research, total property listings in Perth rose 5.5% in July to 15,218 and were 10% higher than a year earlier.
REIWA has also reported that homes are taking longer to sell, with Perth houses taking a median 23 days in July – five days longer than in June and ten days longer than a year ago.
Buyers may have more leverage
More choice and longer selling times can reduce some of the pressure to make an aggressive offer simply because of a fear of missing out.
Properties that have been listed for several weeks may also provide greater scope for negotiation – particularly if the vendor is motivated to sell.
Having finance organised can strengthen that position further by showing the vendor there’s a genuine capacity to proceed.
That doesn’t mean Perth has suddenly become a buyer’s market. REIWA reported that the median house sale price still rose in July, and desirable homes can continue to attract strong competition.
Before making an offer, it pays to know exactly where you stand. Get in touch to understand your borrowing position and get your finance ready to go.
