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Perth’s bumper spring selling season is showing no signs of abating, with one real estate agent expecting strong demand to continue well into the summer months.
Realmark Coastal managing director Sean Hughes said the high demand is not just being driven by local demand or an undersupply of properties for sale — the city is also seeing unprecedented interstate and international buyer demand.
“FIFO workers needing to base themselves in WA on the back of the coronavirus are just part of the reason homes are being snapped up very quickly and some of these buyers are inspecting via mobile phone video calls only,” Mr Hughes said.
With many homes selling for more than their asking price, and long queues outside many home opens, the agent said they expect “more sellers will put their homes on the market in the next couple of months to capitalise on this incredibly hot time for Perth property”.
In the majority of cases, sellers are selecting from multiple offers, Mr Hughes said, and often these are well above asking price.
“This is also leading to buyers lining up out the door to inspect homes in some suburbs like Scarborough and Doubleview which are both in the top-selling north of the river suburbs right now,” he continued.
The spike in demand has impacted selling times, with properties spending fewer days on market.
The agent said they are seeing “a majority of our properties come on the market and sell within 10 days, so buyers are having to jump on listings as soon as they come online”.
It’s a similar story for rentals, with the city experiencing a shortage of homes on offer.
Mr Hughes flagged that “many prospective tenants are missing out properties and are getting quite nervous, with hardly any properties available or coming on to the rental market”.
“We are seeing multiple rental applications prior to the home even being available for the first viewing,” he said.
The strong selling season has led the agent to advise potential buyers that obtaining finance pre-approval could improve their chances of securing a home.
“As approvals are taking a long time to be processed by the banks, we suggest allowing a minimum of 28 days for finance on your offer and getting pre-approval if you can,” he flagged.
He’s also recommending buyers use a mortgage broker to ensure that the finance approval process is as smooth and quick as possible and that buyers ensure they are getting the best rate and deal possible.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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