Perth sellers forced to act as homes linger longer and discounts widen

Perth's property market is showing fresh signs of fatigue, with homes taking substantially longer to shift and sellers increasingly reaching for the discount button as buyer momentum slows.

Real estate data tracking across the metropolitan area reveals a marked shift from the frenzied conditions of recent years. Properties in established suburbs like Dalkeith and Nedlands—traditionally swift movers—are now averaging 28–35 days on market, up from 16–18 days just twelve months ago. In growth corridors including Joondalup and Wanneroo, where demand once seemed insatiable, the median time to sale has stretched to 32 days, with some listings languishing beyond 50 days before finding a buyer.

More telling still is the emerging pattern of vendor discounting. CoreLogic data indicates that homes in suburbs within a 15-kilometre radius of the CBD are now attracting price reductions in roughly one in four listings—a ratio that would have seemed unthinkable in 2024. In Scarborough and Innaloo, where median values hover around $720,000–$750,000, vendors are trimming asking prices by an average of 3–5 per cent before securing an offer. Outer suburbs stretching toward Rockingham and Mandurah are seeing steeper cuts of 5–8 per cent.

The shift reflects a broader recalibration. While Perth's median house price remains anchored around $680,000—resilient by national standards—the sub-1 per cent vacancy rate that once held buyer competition at fever pitch has eased marginally. Combined with recent tax adjustments and lingering rate-rise anxiety, the psychological advantage has tipped back toward purchasers for the first time in several years.

Agents working across the north corridor report particular softness in the $900,000–$1.2 million bracket, where lifestyle buyers once competed fiercely. Properties in Mullaloo, Sorrento, and Yanchep are taking longer to attract serious interest, with some vendors now reconsidering their initial expectations.

The phenomenon sits uneasily alongside Perth's historic trajectory as Australia's fastest-growing capital market. Mining-linked demand remains supportive, and immigration continues to underpin broader population growth. However, the recent confluence of interest-rate fatigue and tighter lending conditions has created a more measured pace.

Industry observers suggest the adjustment, while uncomfortable for some vendors, may restore market equilibrium. Properties priced realistically and marketed effectively are still moving briskly—particularly under $600,000 and in high-demand corridors. The message for sellers is clear: flexibility on price and timing now carries a measurable premium.

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