Source: REIWA
The real estate landscape in WA is experiencing a surge in demand, driven by robust population growth and a noticeable shortage of housing supply. According to Cath Hart, CEO of REIWA, the influx of over 73,000 individuals to WA in the past year alone equates to an estimated 30,000 new households, significantly outweighing the current rate of new home constructions at around 14,000 per year. This stark discrepancy between demand and supply is poised to persist, as projections from the National Housing Finance and Investment Corporation indicate a shortfall of 25,200 properties from 2023 to 2027.

This demand-supply imbalance has led to notable consequences in the real estate market. House prices have surged by 8.2% in the past year, with properties typically selling within a median timeframe of just eight days. Additionally, the rental market is under strain, witnessing a 20% increase in median rent prices. Despite a stable vacancy rate of 0.7% for November, it's significantly lower than the 2.5-3.5% considered balanced, underscoring the scarcity of available rental properties.

The pressing need for a consistent flow of new housing is evident. However, various factors, such as limitations in the building industry's capacity, infrastructure costs, supply chain issues, and even electricity system connections, are impeding the timely completion of new properties. Although there has been a slight increase in building approvals, they remain considerably low, signalling concerns for the long-term sustainability of addressing the housing shortage.

At One Percent Realty WA, we understand the challenges and opportunities presented in this dynamic real estate climate. Led by Lee, our team is equipped to help you navigate these market conditions effectively. Not only can we assist in capitalising on the current market trends to ensure a great price for your property, but we also offer substantial savings in commission with our low 1% plus GST fee. In the last quarter alone, Lee's clients collectively saved a remarkable $140,019 in commission, averaging $8,236 each, highlighting the tangible benefits of our cost effective approach.

By leveraging our expertise at One Percent Realty WA, sellers can harness the market momentum while enjoying significant savings on commission fees. Our commitment to providing exceptional service coupled with cost-efficient solutions empowers our clients to make the most of the thriving real estate landscape in WA.