As we close the door on Spring 2025 and head into Summer, it is time to take a breath and look back at what has been one of the most intense seasons in recent Perth real estate history.

Traditionally, spring is the “selling season”—a time when gardens bloom, stock levels rise, and activity picks up. However, Spring 2025 will likely be remembered less for its blooms and more for its velocity. It has been a season defined by high buyer anxiety, incredible competition, and a market moving at a pace that has tested the resilience of buyers and agents alike.

If you have been in the trenches trying to buy a home over the last three months, the stories making headlines will sound all too familiar. But looking at the data, what actually happened this spring?

The “Frenzy” in the Affordable Market

The defining feature of Spring 2025 was the sheer volume of competition in the sub-median price brackets.

REIWA President Suzanne Brown described the market as one of “high buyer anxiety,” and the numbers on the ground support this. In price ranges below the Perth median (currently sitting at $820,000), it wasn’t uncommon for home opens to see over 100 groups through the door in less than an hour.

One specific example from October perfectly illustrates the heat of the market. An experienced agent reported a home open in Girrawheen that attracted 110 potential buyers. The property was marketed from $690,000. It received more than 45 offers and eventually sold for $850,000—to a first home buyer.

This wasn’t an isolated incident. Suburbs traditionally viewed as affordable entry points have seen explosive growth as buyers are pushed further out to secure a foothold. Between October 2024 and October 2025:

  • Girrawheen median price rose 17.7% (to $685,000).
  • Koondoola rose 16.8% (to $660,000).
  • Balga rose 16.1% (to $650,000).

The Supply-Demand Disconnect

The root cause of this pressure remains a critical lack of stock. We typically expect a rush of new listings in spring, but this year, the increase was minimal.

For the week ending November 16, total listings were 44.3 per cent lower than the same time last year. With the Federal Government’s 5 per cent deposit scheme bringing more qualified buyers into the market, we have a classic supply-and-demand bottleneck.

This has created a difficult cycle for current homeowners. Many who wish to upgrade are refusing to list their current homes for fear they won’t be able to secure a new one. Consequently, “subject to sale” offers are becoming almost impossible to get across the line. In a market where a seller has 47 offers to choose from, cash or unconditional finance offers are taking precedence.

Buyer Fatigue and the “Fear” Factor

The emotional toll of this market cannot be overstated. Agents are reporting significant distress among buyers who have missed out on three or four properties.

The danger in this environment is panic. We are seeing buyers becoming increasingly anxious and making offers well outside their preferred budgets just to secure a property. While median selling times are hovering near record lows of just 9 days, REIWA and our agency continue to advise caution: get your finance pre-approved, but stay realistic and don’t stretch yourself beyond your financial limits out of frustration.

A Tale of Two Markets

It is important to note that this frenzy isn’t universal. The top end of the market tells a different story.

For properties priced around and above the $2 million mark, the frenetic energy dissipates. Agents report a much steadier market in this bracket. While these homes are still selling, they are staying on the market for weeks rather than days, home open attendance is normalized, and transactions are occurring at a measured pace within expected price ranges.

Looking Ahead to Summer

As we move into Summer, the dynamics of Spring serve as a lesson for both buyers and sellers.

For sellers, particularly in the sub-$1.5 million range, the market conditions are historically good. The demand is there, and the competition is driving premium results.

For buyers, preparation is your only defense against the speed of the market. Building a relationship with a local agent, understanding the offer process (which varies from agent to agent), and having your finances rock-solid before the first home open is essential.

If you need help navigating this landscape—whether you are trying to sell into this demand or find a home amidst the noise—contact our team today. We are here to help guide you through the heat of the market.