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WA property sales slump by 30 per cent

While talk continues of a critical housing shortage in most of Australia’s capital cities, which is in turn contributing to ongoing affordability issues and a tightening rental market, Western Australia is experiencing a saturation of properties that’s creating an ideal buyers market.

According to a report on the ABC, the Real Estate Institute of WA says property sales are down by 30% compared to the same time last year, with Perth experiencing a 40% housing over-supply.

Deputy president David Airey says, “There’s around 17,500 residential properties on the market which is somewhere like 5,000 properties more than our normal long term average.”

“It’s a fabulous time to buy, certainly not a good time to be selling if you don’t have a reason to sell.”

This property climate hasn’t put a dampener on prices in the Perth suburb of Peppermint Grove however where, according to data from the Australian Bureau of Statistics, average house values increased by 95% over the last four years to almost $4.5 million on average, making it the most expensive suburb in WA.

Neighbouring suburb Mosman Park has the second largest average house value at $1.5 million, representing an increase of 210% compared to four years ago.



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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