Perth Real Estate October Market Update 2023.
You may have already heard that houses in Perth sold in a record median of 8 days in October (get the full summary from REIWA here). Whilst many outlets hail this as a key indicator of success for a vendor – I’d like to offer a different perspective.
What many home owners don’t realise is that in a balanced market homes typically sell in 30 / 40 days. However our current ‘HOT’ property market has conditioned vendors into expecting their home will sell after the first home open, without much regard for typical selling timeframes, and the fact that not every single buyer will:
- a) see a listing when it first pops up online, and/or
- b) be available to attend the first week of home opens.
Selling your home after very little time on the market may mean that you’re actually missing out.
Typically the first 2 or even 3 weeks of a selling campaign are when you will have the peak interest in your property – in terms of both online activity (views / clicks / enquiries) and in person inspections. Being able to cast as wide a net to ensure as many buyers as possible can view your home during this timeframe will ensure you’re able to receive offers from a larger pool of interested buyers…ultimately leading to the best price and terms for you.
A phrase that can sometimes be used in real estate is ‘the best offer, not just the first’. Sometimes the first offer is the best…and of course if your circumstances dictate selling to the first ‘best’ offer is the best outcome for you, by all means you should proceed based on your needs.
However where there is no immediate pressure, giving your listing an opportunity to breathe can work in your favour. I’ve shared a video below (with subtitles) of a client of mine who experienced a great outcome by doing just this.
Now this concept is simple in theory, but how can you actually do this? An Offers, Set Date Sale, Expression of Interest style campaign, with offers by a particular date are pricing strategies that allow a vendor time to review offers as they come – without necessarily accepting until they are ready.
If you’d like to learn more about this type of strategy, or are thinking of selling and want to know if this would suit your home, I’d love to talk you through the process.
Perth October Market Update Recap
(Source: REIWA)
- Average Days on the Market: A record 8 days in October.
- Median House Value: $575,000 in October.
- Home Value Index: Perth recorded 1.6% growth over the month.
- Listings For Sale: There were 5,011 listings on REIWA at the end of October. A 2.7% increase from September, but 37.4% lower than the same time last year.
- Median Rent: A new record median of $590 per week in October. A 1.7% increase on September and 18% higher than the same time last year.
- Median Leasing Time: It took a median of 14 days to lease a rental during October.
Ready To Make Your Move?
Thinking of selling your home? When you are ready I would love to hear from you about your goals. To offer you a quality selling experience that ensures you are supported with the right tools and expertise every step of the way. If you’re not quite ready to sell but want to start preparing your home for sale you can request a free, no obligation pre-sale consultation. You can learn more about this offer here or call me on 0479 143 324.
