The Perth housing market has been in a state of decline for some time now, with prices falling by double digits in some areas. This has been caused by a number of factors, including the COVID-19 pandemic, rising interest rates, and an oversupply of housing.

The crash has had a significant impact on homeowners, many of whom have seen the value of their homes plummet. It has also made it more difficult for first-time buyers to enter the market.

Despite the challenges, there are still some opportunities for buyers in the Perth housing market. For example, there are now some great deals to be had on foreclosed homes. Additionally, the rental market is still strong, so investors may be able to find some good opportunities there.

If you are thinking about buying or selling a home in Perth, it is important to be aware of the current market conditions. You should also do your research and get pre-approved for a mortgage before you start shopping.

Here are some additional tips for buyers and sellers in the Perth housing market:

Buyers:

Be prepared to negotiate. Sellers are often more willing to accept lower offers in this market.

Consider buying a foreclosed home. Foreclosed homes can often be purchased at a discount.

Do your research and get pre-approved for a mortgage before you start shopping.

Sellers:

Be realistic about your asking price. Prices are falling in Perth, so you may need to lower your asking price to attract buyers.

Consider selling your home through an auction. Auctions can be a great way to get top dollar for your home.

Get your home ready for sale. This includes making repairs, decluttering, and staging your home.

The Perth housing market is a challenging one, but there are still opportunities for buyers and sellers who are prepared. By doing your research and being realistic about your expectations, you can find a good deal on a home in this market.