When it came to apartments/units, south-of-the-river suburbs were prime spots for aspiring buyers.
After years of holding back, more people are now thinking of selling their homes and western suburbs buyers are among those set to benefit according to new research from Westpac.
The report found one third (34 per cent) of home owners are planning to sell in the next five years, an increase of 9 percentage points since November 2020.
Five years is a long time, so Westpac have listed the top areas where people are most likely to sell a property in the next sixth months, with Mosman Park topping the list for houses and City Beach, Claremont, Nedlands, Floreat/Wembley and Cottesloe also in the top 10.
Camera IconCottesloe’s famous Indiana Tearooms. Credit: Andrew Ritchie/ Community News
Managing director of mortgages Anthony Hughes said areas on the list offered a diverse range of living options for prospective buyers that also catered to the changing preferences seen since the start of the pandemic, including stronger demand for more space through a dedicated study or spare bedroom as many continued to work from home.
Ray White Cottesloe-Mosman Park director Jody Fewster said buyers were flocking to areas with great schools and access to gorgeous beaches, such as in the western suburbs, and demand was strong.
“We usually expect a slowdown during the school holidays as the colder, wet weather dampens the enthusiasm of all but the most serious buyers, but we have more buyers than sellers at the moment,” she said.
Interest was not just from locals.
“I have buyers calling from the east coast telling me it’s simply too expensive to get into those markets and that Perth is really affordable in comparison,” Ms Fewster said.
Prices were on the move though, prompted by ultra-low interest rates and the flow of returning expats driving up demand on top of the western suburbs’ ongoing supply shortage.
Camera IconThe City of Perth skyline. Credit: Daniel Wilkins/ The West Australian
Ms Fewster said with Perth prices having been subdued for the past five years, sellers were seeing these increases and more were motivated to take advantage of the improved market.
“We have seen price growth across the western suburbs, with Cottesloe the standout,” she said.
“I think there is enough demand right now that prices will continue to rise, albeit not at the crazy pace of the east coast.
“We are hoping for more stock to come to market with August/September traditionally a time sellers enjoy the process.”
There is no need to wait until the warmer months to hit the market, though.
“Realistically we sell as much in winter as we do in summer so I am encouraging sellers to come to market as soon as they are ready,” Ms Fewster said.
— Scroll down to see the Perth suburbs where people are most likely to sell in the next six months.
- Mosman Park
- City Beach
- East Fremantle
- Hamilton Hill/Spearwood
- Victoria Park
- North Fremantle