At the end of January there were 3,738 properties advertised for

 sale on www.reiwa.com. A year ago, there were 7,104.

Five years ago there were 16,571.

Is There Really a Shortage of Homes for Sale?

It might look like there is a shortage of homes for sale, but the answer is no.

The number of properties advertised on reiwa.com only tells part of the story.

It represents active listings—properties that are advertised for sale at any one point in time.

These numbers change daily as new properties are listed and existing properties are sold.

Properties are still coming onto the market in good numbers.

This is reflected in the number of sales recorded during 2023.

There were 56,434 settled sales of houses, units and land across Perth last year, which was actually 1.2 per cent higher than in 2022.

Why Are Listings So Low?

New listings are still coming onto the market in reasonable numbers, but they are selling incredibly quickly.

According to reiwa.com data, houses sold in a median of just nine days in January, while units sold in a median of 13 days.

The speed of sales is what is keeping active listings so low.

In many cases, properties are selling almost as soon as they hit the market.

What This Means for Buyers

Firstly, don't be discouraged by the number of available listings.

Homes are still coming to the market, but buyers need to be patient and persistent.

When you begin your search, it's important to be ready to act.

Speak with your bank or mortgage broker early so you know exactly how much you can borrow.

Having your finances in order means you can submit an offer as soon as you find the right property.

Be Ready to Make Decisions

This isn't a market where you can wait a week or two before coming back to a property.

By then, it has likely already sold.

Likewise, now is generally not the time for a "cheeky offer."

Competition from other buyers is strong, so presenting your best offer from the outset is often the best strategy.

Price is important, but so are your contract conditions.

Speak with the selling agent to understand what the seller values.

Some sellers may prefer a longer settlement or the option to rent the property back while they secure their next home.

Consider Using a Buyer's Agent

Finding the right home in a fast-moving market can be challenging.

A REIWA buyer's agent can help by searching for suitable properties, negotiating on your behalf and removing much of the stress from the buying process.

While there is a fee involved, many buyers find the time savings and professional guidance well worth the investment.

Article credit: REIWA.