Perth housing: House listings hit three-year high as stock floods the market

Property listings in Perth have jumped by a massive 145 per cent in only one year, as the property market continues to show signs of cooling.

Speaking in Perth, Cameron Kusher, chief economist of property advisory Herron Todd White, said the listings boost to 7312 properties was a highly visible sign of Perth’s changing property market.

The Real Estate Institute of WA has confirmed it is the first time listings have surpassed 7000 in three years.

Mr Kusher said it was among several changing variables in the WA market, claiming the downturn is expected to last well into next year.

“Housing affordability is stretched, the amount of stock available for sale is rising, the tax treatment of investment has changed, inflation is elevated as are interest rates, he said.

“As a result we’re starting to see a slowing of buyer demand which is leading to some reductions in housing values.”

REIWA President Suzanne Brown said active listings had more than doubled since March.

“Such a strong increase over a relatively short period of time may imply there has been a surge in the number of people looking to sell a home,” she said.