Is there a shortage of properties for sale

shortage of properties

Holiday home insurance – choosing the right policy

Despite reasonable numbers of new listings hitting the market, properties are selling at a remarkable pace.

At the end of January, www.reiwa.com listed 3,738 properties for sale, a significant drop from 7,104 a year ago and 16,571 five years ago.

Despite appearances, there isn't a shortage of homes for sale.

The number of properties advertised on www.reiwa.com represents only a portion of the overall picture. These are active listings, reflecting properties currently advertised for sale. This figure fluctuates daily as new listings come up and properties are sold.

It's promising to see that the number of settled sales in Perth increased by 1.2% in 2023 compared to the previous year. This indicates ongoing activity in the real estate market despite any fluctuations.

The data underscores the brisk pace of the real estate market in Perth, with properties selling rapidly. A median selling time of 9 days for houses and 13 days for units in January on reiwa.com reflects strong demand and quick turnover in the market.

The rapid turnover in sales indeed keeps the active listings low. Properties are snapped up almost as soon as they hit the market, contributing to the scarcity of available properties for sale.

For buyers, it means being prepared to act swiftly and decisively when the right property becomes available. Despite the fast-paced market, homes are still being listed, so patience and persistence are key.

However, when you embark on your home search, readiness to act is essential.

It's essential to have a serious discussion with your bank or broker to determine how much you can borrow. Ensuring your finances are in order enables you to make an offer promptly when you find a home you like.

Being prepared to make quick decisions is crucial. In this market, there's no time for hesitation or thinking about "circling back" in a week or two. By then, the home will likely have been sold.

Now is not the time for making "cheeky offers." With high competition from other buyers, it's essential to put your best foot forward. This pertains not only to the price but also to the conditions of your offer. Engage with the agent and consider that the seller may view favorably a buyer who is willing to accept a longer settlement period or offer to rent the home back to them while they search for a new residence.

Contact us for any type of real estate information.