Paulette in the West Australian, Perth suburbs with the most property listings revealed

by Kim Macdonald The West Australian

There are slim pickings on the property market following a nearly 50 per cent drop in listings over four years — but clusters of Perth are defying the trend with triple-digit listings.

Spring sales season has been subdued this year, with only 6796 property listings in greater Perth last month, according to the Real Estate Institute of WA, compared with 7388 in November last year and 13,414 listings four years ago in 2017.

The low listings point partly to a wait-and-see approach as increasing numbers consider how interest rates affect the market.

But specific pockets are continuing to sell in overdrive, with listings exceeding the amount across some entire suburbs.

Among them is Alice Street in Doubleview, where 13 homes are listed, under offer or recently sold, all within a few hundred metres.

Peard real estate agent Mandy Bizzaca said the street’s listings frenzy was party because the residential strip — much like the rest of Doubleview — was one of the big winners of the recent boom.

She said many of the home-owners were young families who were keen to use their new equity to upgrade to bigger homes within the increasingly popular area.

Many of the new buyers in the area were also young families at a different stage in their journey.

She said clusters of listings often occurred in areas where real estate agents had notified local owners of their home’s potential through free valuations.

But with interest rate caution the driving guide, homeowners these days were less affected by a fear of missing out that sometimes happened when neighbours sold.

Real estate agent Paulette Contessi from the Contessi Group said the general hesitance to list property was driven by pre-retirement downsizers, who were fearful of selling their biggest assets in a dwindling market.

Lack of stock meant that upsizers — who are generally more robust in the face of rising rates — had fewer options and were therefore less likely to buy.

“It’s the ultimate Catch-22,” she said.

Recent homebuyers Chris Vigor and Bridget Henderson, who just bought their first home on Alice Street for just under $800,000, highlight the segment of the market that has remained relatively active.

In a telling indication of what drives young buyers, Mr Vigor said the pair were attracted to the area’s incredible location between beach and city.

Mr Vigor also appreciated that the area struck a balance between modern amenity and lifestyle, and an old-school charm that reminded them of their childhoods.

“My wife grew up in a neighbourhood like Doubleview, so we were keen to buy our first home in a similar kind of area,” he said.

He highlighted its boutique cafe culture, including the nearby Scarborough beachfront, as well as convenience of a major nearby shopping centre.

For city workers like himself, good public transport made the commute to the CBD quick and easy.

REIWA chief executive Cath Hart said enduring concerns about interest rates meant there was unlikely to be any major change in listing volumes in the short term.

She said the rental crisis was also affecting the sales market.

“The housing shortage in both the sales and rental markets is also leading to some hesitancy in people who already own a home and are looking to buy another,” she said.

“They too are waiting to list until they have found a new home,” she said.

When apartments and units are excluded from REIWA calculations, there are only 4496 houses selling in greater Perth at the moment, compared with 4,688 last year 10,018 in November 2017.

Topping the list is East Perth (177 properties listed for sale) city of Perth (162 properties) and Baldivis (102) which all record more than 100 listings.

Other strongholds including Mandurah (99), Scarborough (98), Rockingham (97), South Perth (96), Maylands (81), Como (79), Dianella and Mount Lawley (73), and Fremantle and Subiaco (72).

When apartment and unit listings are removed from calculations, Baldivis remains the number one listings spot, with 103 houses, followed by Canning Vale (61), Halls Head (55), Dianella (51), Morley (49), Mandurah (48), and Ellenbrook (47).