A useful guide for working out how our local market is trending is to look at the average selling time of properties over a period of time. For example, based on the latest REIWA data, the median selling days for property in the Greater Perth Region is 13 days in May of this year. Twelve months ago (May 2024), the median selling days was 8 days. So clearly some heat has come out of the market, and it’s trending towards a buyer’s market. (note: median selling days represents the average number of days a property remains listed for sale before it is sold).
Having said that, it was only a few months ago that we reported that Mandurah is leading the charge for property price growth in the Greater Perth Region, up 2.9% in February to $530,000 (and the Greater Perth Region is still on track for around 10% property growth in 2025).
In reality, there will always be peaks and troughs in any real estate market. Historically though, the purchasing of a property has proven to be an excellent long-term investment.