Savvy interstate investors are snapping up Perth properties sight unseen with listings across the WA capital dropping to less than 4000 homes for sale according to several of the state’s award-winning real estate agents.

Peter Vetten, Raine & Horne Mandurah Principal & Licensee, said the shortage in homes available for sale was also being compounded by the fact many were selling off-market.

“In the Perth metro region, there's normally around 13,000 to 14,000 listings, and at the moment we're under 4,000 listings,” Mr Vetten said.

“We've got a serious supply and demand situation that has contributed to Perth’s prices climbing by almost 17% over the last year.

“If you want to buy another property, you should sell and buy in that same market.”

Mr Vetten, who was last week awarded the super brand’s Top Principal Sales Dollar Value award at the gala Raine & Horne WA State Awards ceremony hosted by Head of Network Mindy Powell-Hodges at the Ritz Carlton Perth, said homes priced under $700,000 were selling exceptionally quickly. 

Mr Vetten also scored first place in the Top Principal Number of Sales Transactions, while his office Raine & Horne Mandurah won the Top Office awards for Sales Dollar Value and Number of Sales Transactions. 

Off market sales increasing

According to Mr Vetten, eastern state investors are leading the charge for WA real estate, with many snapping up properties before they hit the market. 

“They're essentially being sold prior to open houses; if the prices are reasonable and within the appropriate range, they're selling rapidly”.

Paul Curran, Licensee/Director of Raine & Horne Rockingham, stated that approximately 60% of residential property sales in the Rockingham region, situated southwest of Perth are being snapped up by interstate buyers mostly sight unseen, Paul Curran, Raine & Horne Rockingham Licensee/Director said. 

“Generally interstate investors might represent 25-30% of our buyers. If you have a budget of under $500,000 and are looking for a gross yield of 5%, it’s hard to ignore suburbs to the southwest of Perth such as those in the Rockingham LGA.”

Mr Curran recently sold an off-market three-bedroom, two-bathroom Rockingham home within 12 hours to an eastern coast-based buyer.

“Strong rental yields of 5% are driving this demand, with a surge in buyer’s agents on the hunt for Perth properties for their eastern states clients seeing many homes sell in record timeframes,” Mr Curran confirmed. 

Mr Curran’s colleague Tracy Wilkinson from Raine & Horne Rockingham was named Raine & Horne’s Outstanding Property Manager Residential in WA for 2023, while Raine & Horne Lansdale in Perth’s north was named the group’s Outstanding Property Management Office. 

High demand and fierce competition drive Perth's rental markets

With Perth rental vacancy rates remaining at less than 1%, the rental market across Perth remains tight, with Mr Vetten saying crowds of up to 60 people attending a home open for a rental property still commonplace.

“Within three or four days, we get at least a dozen applications, and it's just a matter of cherry picking through them,” he said.

Southeast of Perth, in regional Bunbury, Susan Pitts, Raine & Horne Bunbury Senior Sales Representative, said average rents were $550 a week with over 40 group turning up to open homes.

“Meanwhile demand for property is similar with 40 people at every sales open for inspection given the median house price in Bunbury is an affordable $500,000.”

Ms Pitts, who was named Raine & Horne’s Top Salesperson Sales Dollar Value and Top Salesperson Number of Sales Transactions in WA for 2023 said, “Buyers are fast-tracking their plans to land properties in Bunbury and right along the coast.”

The 2024 Raine & Horne WA Awards for Excellence winners include:

Top Office (Sales Dollar Value)

Raine & Horne Mandurah 

Top Office (Number of Sales Transactions)

Raine & Horne Mandurah

Top Commercial Office (Gross Commission Income)

Raine & Horne Commercial WA

Top Rural Office (Sales Dollar Value Sales Over 40 Hectares)

Raine & Horne Rural WA

Top Salesperson (Number of Sales Transactions)

Susan Pitts, Raine & Horne Bunbury

Top Salesperson (Sales Dollar Value)

Susan Pitts, Raine & Horne Bunbury

Top Salesperson (Highest Transaction)

Gerard Wetherill, Raine & Horne Rural WA

Top Salesperson – Principal (Sales Dollar Value)

Peter Vetten, Raine & Horne Mandurah

Top Salesperson – Principal (Number of Sales Transactions)

Peter Vetten, Raine & Horne Mandurah

Outstanding Property Management Office

Raine & Horne Lansdale

Outstanding Property Manager Residential

Tracy Wilkinson, Raine & Horne Rockingham