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Real Estate Report: February 2023

Updated: Jan 21, 2023

Well, well, well how quickly 2023 has arrived, and gosh haven’t we all read the polarising predictions for the real estate market in 2023? “Going down” in 2023, the media said in September. “Perth prices will drop 10%” they said. And then of more recent weeks, the news has become sunny again. Perth will go up by a “few percentile” in 2023 the reports have been. So sit back and strap into your favourite chair, we are going to find out soon enough, who was right!

Locally in Kewdale, the market has started out early in January with more than double the amount of buyers attending home opens. This can be viewed as good news, as offers are getting written on all stock. The market was two-paced throughout 2022, with average days on market for 3 and 4 bedroom houses sitting at around 40 days, and quite the opposite for 2 bedroom units, with the average days on market for say your 2 bedroom apartment, being closer to 227 days! That said buyers have swarmed at units for sale in January, so perhaps the tide is turning on that front also.

According to there were 126 houses sold in Kewdale in 2022 and just 38 units (including duplex halves, townhouses, villas and apartments). Interest rate rises predicted for February will be a test for the New Year’s activity, if buyer demand stays higher, then 2023 could be a good year for property owners, and a challenge for buyers.

Alex Stelbovics - Porter Mathews (Victoria Park)

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