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February 24, 2021

Panic buyers are at it again except forget the toilet roles, Perth’s panic buyers have sent the property market into a frenzy after a single home in Carine for sale drew over 500 people to inspect the property.

The Carine home which received six offers has now sold for $960,000 well above the seller’s original $800,000 expected price. This indicates how desperate buyers are to secure a home to beat the rising prices and increased competition from east coast investors according to RIEWA, The Real Estate Institute of WA.

The low-stock levels are fuelling the panic buying, with only about 7500 properties on the market compared with 12,500 properties a year ago. RP Data claims Perth property prices have jumped 2 per cent in the past month and 4.3 per cent over the past year.

Griffin Group have a large range of off the plan boutique apartments in highly sought-after inner-city locations at today’s property market prices, so now is the perfect time to lock in a new home or investment property and take advantage of the government incentives, rising property market values and tight rental market causing rental prices to skyrocket.

This is a brief summary of the article ‘Queues that prove Perth has hit market madness’ by Kim MacDonald & Brianna Dugan | The West Australian | Thursday 18th February 2021.

Image used from a Carine home open inspection.
Image Credit: Realmark