Top Agents Drive $1.7 Billion Western Suburbs Property Boom

Industry leaders navigate market shifts and low inventory

A select group of twelve leading real estate agents in Perth’s western suburbs have achieved a staggering combined sales total of $1.73 billion over the past year. This remarkable figure underscores their significant impact on the region’s high-value property market.

Market Dynamics and Agent Expertise

These top-tier agents, recognized for their outstanding performance, not only handled immense transaction values but also managed the sale of the most significant and emotionally charged assets for homeowners. Their prominent presence on advertising platforms across the western suburbs has cemented their visibility and influence.

The leading performer among these elite agents was Susan James of Duet, who facilitated $170 million in property sales during the 2023-24 financial year. A former chartered accountant, Ms. James describes the current western suburbs market as fragmented. She notes that while two-thirds of the market is seeing value growth, one-third is experiencing a decline, leading to varied seller experiences.

Ms. James observed that buyers are less swayed by interest rate fluctuations, but are showing increased caution due to geopolitical concerns, trade wars, and the pursuit of value for money. A critical factor hindering transactions is the record low number of available properties. This scarcity creates a dilemma: many homeowners are hesitant to sell, fearing they won’t find a suitable replacement amidst the limited options, thus perpetuating the supply shortage for buyers.

To navigate this challenge, Ms. James suggests solutions like bridging finance. She also highlighted a growing acceptance among sellers for offers contingent on the sale of their current home, a shift from previous years. For prospective buyers, she emphasizes the importance of pre-arranging bridging finance and having their existing properties market-ready, with photos, floor plans, and listings prepared for immediate activation upon securing a sale. This strategic approach can sometimes help buyers avoid drawing on their bridging finance, especially if a longer settlement period is negotiated.

Jody Fewster, another highly regarded agent whose team specializes in areas like Peppermint Grove and Mosman Park, echoed the sentiment regarding low stock, particularly for larger family homes. Having previously bought, renovated, and sold properties in the region, Ms. Fewster possesses a deep understanding of local market values.

“Understanding market segmentation is critical where there are markets within markets. Not every suburb or price point is moving in the same direction and that is proving challenging for many segments of the market right now — first-homebuyers struggling to get into a very hot market; some downsizers seeing their older homes on large blocks underperforming while new homes on smaller blocks are outperforming, due to build costs.”

—Jody Fewster

She elaborated on the difficulties faced by various market segments, including first-home buyers struggling to enter a competitive market and downsizers whose older, larger properties might be underperforming compared to newer builds on smaller lots, often due to construction costs. Ms. Fewster identified the pervasive fear of selling due to the inability to find a replacement property as the primary impediment, describing it as a self-perpetuating cycle where the market is “choking itself.”

John Hunter of William Porteous Properties also pinpointed the scarcity of larger family homes as the main issue. He anticipates no significant price corrections in his specialized markets of Subiaco and Shenton Park this year, despite recent substantial price increases. Mr. Hunter set new price benchmarks for these areas last year and is confident of breaking them again this spring with upcoming listings. For example, a property in Subiaco sold for $4.75 million, and another in Shenton Park fetched $3.8 million.

Top Western Suburbs Real Estate Performers (2023-24 Financial Year)

The Real Estate Institute of WA (REIWA) awards recognize agents based on sales value. Susan James (Duet) led the unassisted category with $170.8 million in sales from 68 listings. Vivien Yap & Co (Ray White) topped the assisted category, recording $252.5 million from 112 listings.

The market continues to be shaped by a complex interplay of demand, supply, and external economic factors, with these leading agents playing a crucial role in facilitating transactions within this dynamic landscape. The Australian Bureau of Statistics reported that in March 2024, the average price of residential dwellings in Western Australia increased by 6.4% over the year.