Buyer demand remains strong in high-performing suburbs
The Perth property market continues to outperform other Australian capital cities, but localised differences in demand and growth are becoming increasingly evident.
According to Peter Gavalas (pictured above left), a buyer’s agent from Perth’s Resolve Property Solutions, transient investors and east coast buyers looking for properties under $700,000 have slowed their activity in the city.
However, Gavalas cautioned that sidelining Perth might be premature, as many buyers are misjudging the market by focusing on the wrong metrics.
“Many are prioritising quick bargains or blanket market trends without considering the unique factors driving growth in specific locations,” he said.
Demand remains strong in certain suburbs, where quality properties are selling quickly and often attracting multiple offers. Data from the Real Estate Institute of Western Australia (REIWA) reveals that while the median days on market for Perth homes in November was 13 days, some suburbs are performing significantly better.
Alkimos, Beeliar, Maylands, Orelia and Palmyra recorded a median time of just six days to sell, while Waikiki, Melville, Mount Lawley, Mount Pleasant and Riverton averaged seven days.
“As competition for high-quality, well-located properties remains high, research, data analysis and negotiation skills are becoming even more critical for buyers,” said Gavalas.
Suburbs with strong lifestyle appeal, proximity to amenities, and future infrastructure projects are particularly attractive to both investors and owner-occupiers, he added.
The localised nature of Perth’s market is also evident in price growth. Domain data shows that between the September 2023 and 2024 quarters, Perth’s overall median house price rose 25.3% year-on-year. However, individual suburbs experienced different outcomes. For example, Camillo and Armadale saw house prices increase by 47.2% and 43.5%, respectively, while Burswood experienced an 8.1% decline.
“These vast differences highlight the importance of drilling down into the specifics of individual suburbs rather than relying on general market sentiment,” Gavalas said.
He emphasised that a buyer’s agent can provide critical insights into the unique characteristics of each area, from school catchments and lifestyle amenities to future growth prospects. He added that local buyer’s agents often have strong relationships with real estate agents, giving their clients access to off-market properties.
“In Perth, where good properties are snapped up quickly, access to opportunities before they hit the open market is a game-changer,” Gavalas said.
Looking ahead, Gavalas expressed optimism about Perth’s property market but stressed the need for a more targeted approach.
“Buyers need to be discerning and focus on specific property types and suburbs with strong fundamentals,” he said.
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