Perth Property Market | Demand exceeds Supply

Perth’s property market, despite COVID-19, is experiencing higher demand than supply with REIWA President commenting on a reducing number of properties for sale and rent reducing each month.

Off-market listings could be contributing the supply issue with nervous sellers preferring to list directly with agents using their database of certified buyers instead of going straight to online advertising which can attract expensive fees.

“We make sure they are genuine buyers, they have their pre -approvals, it is what they are looking for and they are ready to buy now,” said Thinc Real Estate Principal and License Brian Murray.

Mr Murray recently said sellers have turned to private off-market listings to test the waters for interest during COVID-19 preferring to get their property listed immediately and sell quickly.

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This is a brief summary of the article ‘Off-market surge’ by Rhys Prka | The West Australian | Monday, 15 June 2020.