Perth’s property market saw a remarkable 63% increase in new listings in January, the largest rise since 2022, as reported by Domain. This influx offers a significant opportunity for prospective buyers like Andrew and Jacqui Fardon, who are aiming to downsize from Manudrah. Andrew expressed their desire to transition to a more manageable property to allow for greater travel flexibility.
The surge in listings is largely due to investors selling off properties and homeowners making lifestyle changes. Domain’s Nicola Powell noted that the market is entering a phase of “rebalancing,” highlighting an increase in overall supply compared to previous years. In terms of market activity, suburbs like Kwinana and Wanneroo are selling quickly, with properties typically going under contract within 21 days, in contrast to the slower sales in Esperance, which can take up to 112 days.
Looking ahead, industry experts expect that anticipated interest rate cuts could further boost buyer interest. A potential reduction of 25 basis points could enhance borrowing capacity for the average buyer by around $15,000. This evolving landscape presents both challenges and opportunities for those looking to engage in the property market.