Buyers bring suitcases of cash to Perth home opens to compete with east coast investors

Locals are becoming increasingly aggressive in their pursuit to buy property as Western Australia’s population booms and east coast investors pour into the state.

Hinchcliffe said the pace and quality of offers had improved, and it was not uncommon for a property to receive 10 good offers immediately after a home open. In February 2024, the median house price across Australia’s combined capital cities was $944,229, while in Perth it stood at only $600,000. “While not evident in the median unit price data yet, our valuers are now reporting a significant uptick in activity and strong upwards pressure on values.”

“There are genuine examples of people with good jobs, good rental records that are at threat of becoming homeless if they cannot secure a property,” he said.

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