After several years of extraordinary price growth across Perth, the property market is finally showing signs of cooling, and that’s welcome news for buyers!
According to REIWA, Perth had 8,971 properties advertised for sale in the week ending 25 October 2026, compared with just 2,931 a year earlier. Homes are also taking longer to sell, with the median selling time for houses increasing from eight days in September 2025 to 26 days in September 2026.
While prices haven’t fallen across every suburb, the frantic competition has eased, creating opportunities for first home buyers and downsizers to negotiate, explore their options and make informed decisions.
So, how can you make the most of this changing market?
1. Get your finances in order
Speak with your mortgage broker, establish a comfortable budget and obtain finance pre-approval. Being financially prepared gives you confidence and strengthens your negotiating position.
2. Revisit properties that have been on the market for a while
A property sitting unsold for four, six or even eight weeks may present an opportunity. Vendors who initially had ambitious expectations could now be more open to negotiation.
3. Don’t be afraid to make an offer!
The market has changed. Research recent comparable sales and make a reasonable offer based on today’s conditions, not yesterday’s expectations.
4. First home buyers, investigate your incentives
Government grants, stamp duty concessions and low-deposit schemes could help you enter the market sooner. Understanding your eligibility is an important first step.
5. Downsizers, this could be your moment
With more properties available, there’s greater opportunity to find that perfect low-maintenance home. Consider your overall financial position, including the difference between your selling and purchasing prices.
6. Look for potential, not perfection
Properties requiring cosmetic improvements can represent excellent buying opportunities. A little paint, landscaping or modernisation might deliver considerable value over time.
7. Be patient, but be ready!
Don’t rush into a purchase, but equally, don’t miss a great opportunity waiting for the market to reach its absolute bottom. Quality homes in desirable locations will always attract attention.
After years of buyers competing fiercely for limited properties, it’s refreshing to see some negotiating power returning.
The best opportunities often appear when market confidence is low, not when everyone is rushing to buy. If you’re considering your first home, downsizing or simply exploring your options, now is an excellent time to start the conversation.
