Diving into the vibrant tapestry of the Perth property scene this February, we’ve witnessed a fascinating shift – the classic Aussie dream of owning a home is getting a modern twist!

Picture this: units, traditionally the understudies in the real estate realm, are now (finally!) stepping into the limelight, almost neck and neck with houses in the race to capture hearts and signatures.

Thanks to the latest whispers from the REIWA grapevine, we know houses in Perth are still flying off the shelves in a swift eight days, but units are now hot on their heels, taking just one more day to find their new owners.

This shift isn’t just a flash in the pan; it’s a 13-day slash off last year’s pace for units. It seems a growing affection for units’ cosy, convenient charm matches our collective penchant for a bit of land and a backyard.

Why the sudden allure, you ask? As the skirmish for houses grows fiercer and the gap between house and unit prices stretches, buyers are turning to units as their golden ticket to homeownership. Units have emerged as the savvy choice for those looking to dodge the rental rollercoaster and make their first foray into property ownership without the hefty price tag.

This is much to the relief of Perth’s unit owners, who’ve spent the last few years wondering if their property values would ever recover.

Now, let’s sprinkle a bit of CoreLogic magic into our tale. Perth’s property stage was set aglow with a 1.8% curtain raise in home values in February, a performance that outshines all other Aussie capitals. Perth has taken the lead role in a national property drama, buoyed by an audience of optimistic buyers and whispers of a friendlier interest rate horizon.

But every story has its twist, and in Perth, it’s the age-old saga of supply and demand.

Despite a slight uptick in listings, our property shelves aren’t as stocked as we’d like, keeping the market’s pulse racing, especially for those seeking a home or rental abode.

Those units that are selling so quickly? Many of them are ex-rentals, and owner-occupants are mostly snapping them up. So the supply of rentals continues to decline.

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It’s no secret the rental scene is tight, and prices are climbing, echoing the larger narrative of a dynamic and challenging local market.

And while stock for sale is still coming to market at reasonable levels, demand is outstripping supply, making it seem like there’s nothing to buy.

That could be changing, as the staging companies we work with report that they are busier than ever with bookings for upcoming launches. However, new home approvals are still well down on the numbers needed to support our growing population, so we’re not expecting the lights to dim anytime soon.

So, as we sip our morning coffee and muse over the Perth property market’s latest act, it’s clear that whether it’s a house’s charm or a unit’s allure, the dream of owning a piece of this vibrant city is very much alive and kicking.

And as the plot unfolds, we at Red Fox will keep you updated on this ever-evolving property saga.

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Wanting advice about your own specific home and circumstances? Call me now on 0405 812 273 – we’re here to help.

Red Fox Property Group are ratemyagent real estate Agent of the Year award winners in Mount Lawley, Inglewood and Bedford. We specialise in the suburbs surrounding Beaufort Street and beyond.