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Perth property market levelling out in some areas

Pockets of the property market in Perth are showing signs of levelling out, according to the latest statistics. 

Figures from CoreLogic RP Data rate Bateman, Hocking and Pearsall as suburbs with the lowest average difference between the asking and selling price. 

This amounts to a vendor difference of between four and 4.2 per cent, PerthNow reports - and it means these areas are outpacing the rest of the city. 

Indeed, it compares favourably to the market performance of some higher-end suburbs, with the average vendor discount for Dalkeith, Cottesloe and Ascot standing at 12.9 per cent, 11.1 per cent and 10.7 per cent respectively. 

Damian Collins, managing director of investment firm Momentum Wealth, pointed out that in a balanced market, the average vendor discount is usually somewhere between three and four per cent. 

This means that Bateman is holding steady in the face of less favourable performance elsewhere in the city. 

A Bateman property will stay on the market for an average of 49 days, which is better than the Perth average of 88 days. 

Buyers find Bateman attractive for a variety of reasons, with Tarryn and Jarrad Carlsen turning to the area because of its proximity to schools and the freeway, as well as the prices. 

"We were looking for something we could move into without too much effort, but that had potential for renovations," Mrs Carlsen told PerthNow.

The family researched prices and allowed for renovations, setting a maximum of $750,000, which they felt was realistic in the current market. 

"We looked at other homes that were perfectly maintained and renovated, but were quite a bit more expensive," Mrs Carlsen remarked.

Mr Collins said fewer buyers are attracted to high-end properties and vendors have "to discount more to get the sale" in softer markets.

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