Perth's property market sees surge in listings, buyers seize opportunities

Perth's property market experienced a 63 per cent surge in new property listings in January, marking the highest increase since 2022, according to new data from Domain.

This upswing presents a unique opportunity for buyers like Andrew and Jacqui Fardon, who are looking to move from Manudrah to Perth.

"We're old, it's time to downsize... and to get into lock and leave so we can do some more travel," Andrew said.

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The spike in supply is primarily attributed to investors divesting their holdings and homeowners seeking lifestyle changes. 

Domain's Nicola Powell said the market was starting to see a "rebalancing".

"We've got overall supply now higher year on year and that's such a change to what we've been seeing," she said.

Suburbs like Kwinana and Wanneroo are being bought the most quickly, within 21 days of being listed on average, whereas Esperance properties are experiencing a slower market pace, taking 112 days to sell.

Experts anticipate that a looming interest rate cut could further stimulate buyer demand in the coming months. If predictions hold true, a 25 basis point reduction could enhance the average person's borrowing capacity by approximately $15,000. 

This article was produced with the assistance of 9ExPress.