With so much talk around interest rates, inflation and global uncertainty, it’s left a lot of people wondering: what’s actually happening on the ground in Perth? The short answer? The market is still strong, but buyers are approaching it differently.

Still Strong, Just More Considered

Compared to last year, buyers are taking a bit more time before making decisions. They’re looking more closely at their finances, thinking about future rate changes and making sure what they’re buying makes sense long-term. Global factors like rising construction costs, fuel prices and general economic uncertainty are all playing a part in this.

That said, demand hasn’t gone anywhere. If anything, it’s just become more selective. Buyers are being more particular about what they purchase, especially when it comes to quality and overall value. At the same time, low stock levels are still creating competition. Many buyers are weighing up whether waiting could actually put them in a worse position if prices continue to grow.

Supply Is Still the Big Driver

One thing that hasn’t changed is the lack of available homes. Listings are still around 30% lower year-on-year and sitting at less than half the long-term average, which continues to support prices and competition.

We are starting to see small shifts like homes taking slightly longer to sell and buyers pushing back on pricing that feels too high, but overall, it’s still very much a supply-constrained market.

What Sellers Need to Know

One of the biggest misconceptions right now is that anything will sell, no matter the price. That might have been the case at the peak of the market, but buyers are more switched on now. If a home is overpriced, it’s likely to sit.

Presentation is also more important than ever. Buyers are stretching their budgets, and many are willing to pay more for homes that feel move-in ready. Properties that are well prepared and well presented are still attracting strong interest.

The same goes for marketing. In a more selective market, how a property is brought to market can make a real difference to the final result.

Where Buyers Are Willing to Compromise

Even with a more cautious mindset, buyers are still adapting to get into the market. We’re seeing people compromise on cosmetic condition, taking on homes they can improve over time. Others are adjusting their location slightly or considering different property types like townhouses, villas or apartments.

This lines up with what we’re seeing across Perth more broadly, where buyers are becoming more open to different options to secure a foothold in the areas they want to live.

And Where They’re Not

There are still a few things buyers aren’t willing to budge on. Value is a big one as buyers are paying close attention to comparable sales and making sure the price stacks up. Liveability is another. Layout, flow and how a home functions day-to-day really matter. Long-term fundamentals like location, lifestyle and future growth are still front of mind.

How This Compares to Last Year

This time last year felt fast. Homes were selling quickly, competition was intense and buyers were making decisions under pressure. Now, things feel more balanced. The market is still active and competitive, but it’s not as rushed. Growth is still happening, just in a more steady and sustainable way.

What to Expect From Here

Looking ahead, the key drivers of the Perth market haven’t changed. Low supply, steady demand and continued population growth are all still in play. What has changed is the way people are approaching the market. Well-presented, well-priced homes are continuing to perform strongly. On the other hand, properties that miss the mark on price or presentation are taking longer to sell.

For sellers, that means strategy matters more than ever. For buyers, it’s about being prepared, doing your research and understanding what represents good value.

Whether you’re buying, selling or just keeping an eye on the market, understanding these shifts can make a big difference. If you’d like to chat about what’s happening in your suburb or how this applies to your situation, feel free to get in touch via the form below, we’re always happy to help.