Perth's ultra-tight property market is been squeezed even further by cash buyers snapping up properties without seeing them.
He found a house he wanted to buy, his finances were healthy, and his bank had given him the green light.With a combined income of $350,000, he and his fiancee already had conditional approval for a $1.2 million loan.They were in a bidding war last week for a four-bedroom, two-bathroom house in Greenwood, in Perth's north.With 10 minutes left to go before the bidding closed, the agent called them.
"Not only is it insane in terms of what people are offering over and above the asking price, but it's also crazy in terms of the speed that the market is moving." "The problem we have in housing, both in total supply and diversity, we are simply failing dismally in delivering enough supply to the market to meet the needs," he said.
Planning and Lands Minister John Carey said the government was "committed to supporting projects that help accelerate and broaden the availability of accommodation supply".Adding to buyer frustration is a practice in the real estate industry where a sale price is not put on a home.