Perth housing now ‘buyer’s market’07 February 2016 by News Desk
There are now eight properties for sale in Perth, Australia, for every one buyer.
This major over-supply of housing is creating a ‘buyer’s market’ where people looking to purchase a property have more choice. As a result sellers are being forced to lower property prices, which is good news for anyone seeking a new home.
The change in market conditions has seen the total number of home sales in 2015 fall to just 50% of what it was compared to ten years ago.
Around 23,500 houses, 5,000 units and 7,000 land packets were sold in Perth last year compared to a total of 75,000 such sales in 2005.
There are around 15,000 residential properties currently listed for sale in Perth – 24 for each one that sold, according to the Real Estate Institute of Western Australia. When it comes to Units, there are currently 41 properties available for every one sold.
Darrell Todd, CEO of thinkingaustralia says: “These latest figures are great news for anyone looking to buy a new home.
“The housing market in Perth, as in many capital cities, is changing fast and over the coming year we will see property price growth moderate, and in many cities fall back to a more realistic level.”
The average price of a house in Perth rose to $540,000 over the last three months of 2015, a rise of almost 1%, while the total number of new homes listed for sale was 14,539, compared to 16,475 in November.