Perth’s Panic ‘House’ Buying

Wednesday, February 17, 2021 5:16 pm
Reading Time: 2 minutes

The rumour, ‘Perth properties are getting snatched up faster than toilet paper’ does have a ring of truth to it, says Real Estate Specialist (from One Agency North) David Snell.

Weekdays Announcer Mike spoke with David this morning, following reports 200 people attended one home open.

Despite David’s (understandable) refusal to compare the selling of Homes, to toilet paper flying off the Super Market shelves he says, the situation is real. “Buyers have purchased properties based solely on Internet photos.”

He shared his own experience from a half hour home open in Gwellup 2 weeks ago. 150 people came to view a $700K property. “It was pouring with rain, covid restrictions were still in place, yet people were lined up around the block.” It was an average home yet many offers came in and the house was sold within 24 hours.

This isn’t an isolated incident. David explains the reasoning behind this Panic House Buying:

  • Flow on effect from a bare Rental Market. People pushed to buy.
  • Currently only 7 600 properties on the market (3 500 homes, 2000 land, 2000 units) available across Perth. Down from 15 000
  • The instability from Covid Lockdowns has pushed Eastern States FIFO workers to move to Perth .
  • House prices are expected to increase 12% by the end of the year.

It’s good news for home owners who’ve had negative equity against their property after purchasing during the boom of 2008.  However, first home owners are expected to take a hit.

David encourages all buyers to view a property before purchasing it.

For the full interview, listen to the Podcast

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