Western Australia’s heated housing market has been summed up in one picture — and it’s a nightmare sight for buyers.
Taken at an open house for a modest three bedroom, one-bathroom property in Ballajura, in Perth’s northern suburbs, a huge number of prospective buyers were pictured gathered out the front waiting for their turn to inspect the home, with cars packing the street.
It is estimated that more than 300 people from about 100 groups walked through 137 Kingfisher Ave during the 45-minute session.
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Listed Estate Agents sales associate Mirella Dekkers said she anticipated a strong showing but the actual number was beyond what she had expected.
“I took a colleague with me but I could have done with a third,” she told 7NEWS.com.au.
“It was bedlam. There were cars everywhere and some people even told us they thought there was a festival on.”
The property — pitched as a “tradie’s dream” thanks to a multi-car garage “that doubles as a ‘man cave’ for all of your tools, toys and even a television” — sits on more than 600 sq m of land.
The offers began pouring in before Listed was even able to show the home.
Buyers from across the border were keen too, with strong interest from the eastern states.
Dekkers was determined to be fair to all potential buyers and only presented bids to the owners on Monday.
In the end, she was able to put a whopping 39 offers to them.
“The lowest was $430,000 — and from there they go up and up and up,” Dekkers said.
“The owners were ecstatic.”
A snap of the home open was shared on Reddit, where people said similar scenarios were now a common sight at home opens across the city.
“I went past one for a unit in Carlisle yesterday. Was even more insane,” one user commented.
It comes less than a week after it was revealed demand for WA homes had driven listings to their lowest level in 30 years.
There were just 4931 listings on the table at the end of September, a 4.9 per cent drop on August and almost 40 per cent lower than a year ago.
“The strength of demand was highlighted in the median time to sell a property, which dropped to a record low of nine days for the month,” REIWA chief executive Cath Hart said.
Perth’s median house price rose to $570,000 last month, up 5.6 per cent on this time in 2022.
Perth’s median rent prices remained at record highs in September, with dwellings going for $580 per week (homes – $600pw and units $550pw).
“Stability is very welcome, but market conditions suggest more increases are likely in the coming months,” Hart said.
“WA is experiencing strong demand and there is a limited supply of rentals available.
“The significant imbalance between supply and demand is putting pressure on prices and this is unlikely to change in the near future.”
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