Perth Property Market Faces Intense Competition This Spring
Spring 2025 has brought unprecedented activity to Perth’s real estate market, with buyers competing fiercely for available properties and agents navigating a high-pressure environment. Low stock levels, rising prices, and record buyer turnout are shaping one of the most competitive seasons the city has experienced in years.
Stressful Conditions for Buyers and Agents
REIWA President Suzanne Brown highlighted that Spring has been “an extremely stressful time for buyers trying to secure an affordable home.” She noted that agents are seeing properties attract multiple offers, often selling well above the asking price, with some home opens in price ranges below the Perth median attracting more than 100 groups in under an hour.
“This market is particularly challenging for first home buyers and families searching in the $1 million to $1.5 million range,” Ms. Brown said. “Properties in these price brackets are often selling almost immediately, leaving buyers and agents dealing with understandable frustration and disappointment.”
Record Buyer Turnout in Girrawheen
A notable example occurred in Girrawheen in October, where a property listed “from $690,000” drew 110 potential buyers at the first home open and ultimately sold for $850,000 after receiving more than 45 offers. The home was purchased by a first home buyer, illustrating the intense competition even at entry-level price points.
Strong Price Growth in Key Suburbs
The Girrawheen median house price has risen 17.7 per cent between October 2024 and October 2025, surpassing Greater Perth’s 12.8 per cent growth over the same period. Median prices for neighboring suburbs have also increased, with Balga up 16.1 per cent to $650,000 and Koondoola up 16.8 per cent to $660,000, reinforcing the appeal of these relatively affordable areas.
Buyers Advised to Be Prepared and Realistic
Ms. Brown emphasised that home buyers, particularly first-time buyers, should remain realistic, flexible in their choice of properties and suburbs, and careful to stay within their budget. With median selling days hovering around nine days, she advised securing finance pre-approval and acting promptly to make competitive offers.
She also warned against overextending budgets after missing out on multiple properties, noting that buyers who become increasingly anxious may make offers well above their preferred price range. “REIWA agents witness firsthand the difficulties house hunters face, and this is not a market any agent would wish on their clients,” Ms. Brown said. She encouraged buyers to consult with their local agents, research properties in advance, and understand the process for submitting offers.
Limited Stock Driving Market Pressure
A persistent issue contributing to buyer stress is the low level of available listings. Compared with last year, the number of properties on the market remains 44.3 per cent lower, despite a modest 6.8 per cent increase compared to four weeks prior. The Federal Government’s 5 per cent deposit scheme has further increased the number of qualified buyers, intensifying competition. Many homeowners are reluctant to sell due to concerns over securing a suitable replacement property.
Market Trends and Outlook
Over the past 25 years, Greater Perth has experienced an average annual growth of 7 per cent in median house prices, despite periods of flat or negative growth and occasional spikes such as the 25 per cent increase recorded in 2024. Ms. Brown noted that while investors remain active, demand is strongest among first home buyers, local investors, and families seeking to purchase a new home.
Properties priced around $2 million and above continue to experience a steadier pace, with home opens attracting moderate attendance and sales transacting within expected price ranges over longer periods.
