West Australian

SURPRISE OUTLIER IN PERTH’S
NOT-SO-HOT PROPERTY TREND

by KIM MACDONALD

The Perth property market is no longer hot, with a major real estate analyst highlighting Bayswater as the only area to make a national top 10 investment list.

According to Hotspotting less than a quarter (23.4 per cent) of the 278 areas assessed in Perth are categorised as having a strengthening market — the lowest amount of any State in the country.

About four in 10 areas (42.4 per cent) were rated as being negative markets, illustration that the local market is on the decline.

“Greater Perth, the stand-out performer of the post-pandemic boom, has turned decisively,” said the report.

“Listings are still finding buyers at a reasonable pace — a cycle turn, not a crash,” it said.

An area’s ranking is based partially on a quarterly change in price, with stock levels, listings sold above the asking price, vacancy rate and median selling days also factored in.

Hotpsotting listed Bayswater as the hottest market in WA and the fifth, nationally.

It gave Bayswater a score of 72 out of 100 — well above the average score of 63 across Greater Perth.

Anything above 68 is deemed to be a hot market.

Property agent Jade Lippiatt said Bayswater appealed to first-homebuyers as well as those looking to upgrade or downsize, and families and retirees.

The area has a strong rail network link that is second only to the CBD, as well as proximity to the airport and a beautiful ift riverfront.

Ms Lippiatt added that Bayswater had recently cracked a record sale of $2.6 million.

Hotspotting’s Terry Ryder said Perth had undergone a “cycle rotation rather than a market collapse.”

“What has changed is the underlying demand trend,” he said.

‘We’re witnessing the cooling in real time.

“But it’s not a crisis. Instead, it’s a normal cycle turn happening faster than usual because disruption is hitting buyer sentiment,” Mr Ryder said.