Buying frenzy hits property market

The West AustralianA return of buyer confidence, a fall in listings and strong population growth has triggered a frenzy among WA homebuyers, with many offering tens of thousands above asking prices to secure a property.

Real Estate Institute of WA president David Airey said agents were reporting a shortage of properties in popular price ranges around the median house price of $500,000.

“We are not heading into a boom by any means,” he said. “The market is reacting to pent-up demand, so it’s probably a good time for hesitant sellers to take advantage.”

Toryn Crocker, of Wright Real Estate, is one of many agents struggling to keep up with demand.

Last weekend, three Scarborough villas priced between $530,000 and $590,000 sold on their first home opens with 10 offers between them, including a cash offer.

In Subiaco, the first home open of 254 Nicholson Road caused traffic chaos when 200 prospective buyers turned up.

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