Shellabears Blog
Perth Property Update: Low Supply, High Demand, and What It Means for the Western Suburbs
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We are in a housing shortage and the solution is not coming soon, whilst population growth, tight rental markets, and chronic housing undersupply are key drivers of ongoing demand.
More concerning is the drop in national dwelling approvals which dropped 6% in August continuing a post-June slowdown. Apartment approvals plunged 33.4%, reaching one of the lowest levels in a year putting more pressure on the Governments 2029 target of 1.2 million new home built.
However, not all markets are equal – the gap between top-performing and underperforming suburbs is widening, making strategic property selection more critical than ever.
Long-term fundamentals remain strong – with the right plan, now could be an ideal window of opportunity to assess your property and reposition?
In our local Western Suburbs , well-presented / well priced properties continue to sell quickly. Buyers in the $3m plus price range are looking for finished homes. Meaning no work, alterations or maintenance to be done. Sub $3m buyers are more willing to take on value adding works. Good down sizers continue to be sort after for mature buyers wanting to stay in the area.
OFF-MARKET OPPORTUNITIES
Nedlands – high $3m range Fully renovated 4 x 3 family home on 1035 sqm with pool. Lovingly renovated California bungalow which has retained loads of original character whilst seamlessly transitioning to a light filled family home with all the mod con that culminate in a brilliant indoor outdoor lifestyle.
Swanbourne – Circa $4m Just in time for summer – North facing family home with loads of character on 744 sqm, West of Servetus St. 4 x 2 x2 with below ground pool.
Channel 9 chief finance editor Chris Kohler
On the supply side of the argument. For a light hearted view of the challenges we face there, click on this link. To hear Channel 9 chief finance editor Chris Kohler explain the challenge ahead.
