Perth Housing Stock at a Record Low

The number of properties available for sale in Perth fell to 5,885 in May — representing an 8.8% decline from April and a staggering 29.3% fall from figures recorded at the same time last year. The latest figures from REIWA show that Perth’s stock level has dropped even further to 5,328 in the first week of July, resulting in buyers having even less properties to choose from.

Perth listings were tracking almost 41% lower than the previous five-year average at the end of May this year. The last time listings were at such a low level was in mid-2010.

With such a short supply of housing stock and growing buyer demand, we are seeing buyers feeling a much greater sense of urgency and an element of FOMO (Fear Of Missing Out) in the market.

Several factors are underpinning Perth’s property market. Firstly, WA’s population is growing strongly, with people choosing to buy an established home rather than build due to the increasing costs and ongoing delays in building. We are seeing increased demand from eastern states buyers.

The strong demand, which is showing no signs of slowing down despite the impact of 12 interest rate rises has led to listings in the city to dry up. In fact, homes in the city are now selling at an unprecedented average rate of between 10- 12 days.

According to REIWA, this is the fastest median time on market since REIWA started keeping these records in 1998 and has only been recorded once before — in March 2021.