Perth CBD Market Update: Days on Market Rise, Vendor Discounting Edges Higher

Properties listed for sale in central Perth are taking longer to find buyers this winter, fuelling a noticeable uptick in vendor discounting across key patches of the CBD including Hay Street and Elizabeth Quay.

The trend marks a shift from late 2025’s heated trading, and reflects a cooler mood among buyers facing higher financing costs and more choice from new residential and commercial projects launching this quarter. For sellers, the lengthier wait time is translating to more willingness to drop initial asking prices to secure a deal before spring stock arrives.

Local Shifts Across CBD Hotspots

The change is evident across both new and established properties: Real estate agents operating around Barrack Street and St Georges Terrace report that apartments and offices which would have moved within three weeks last year are now sitting unsold well into their second month on the market. Activity on major platforms such as REIWA and local agency Honsun Realty backs this up, with time-on-market stretching out, especially above the $600,000 price point.

Recent campaign results from complexes on Adelaide Terrace and in the revitalised Raine Square precinct highlight the trend. Some apartment sellers, originally hoping to stand firm on price, are now making concessions ranging from extended settlement periods to initial discounts on strata levies just to attract offers. One prominent agency newsletter noted a surge in pre-approval checks and conditional offers falling through as another sign of buyer caution.

Data Points to Slowdown, Discounting Ticks Up

According to CoreLogic’s most recent figures for June, the median time on market for units in Perth’s core postcodes (6000, 6004 and 6005) has risen from 23 days in February to 34 days at the end of June. Meanwhile, CoreLogic data shows average vendor discounts have increased from 2.1% to 3.6% since March. Properties above the median price for the CBD are likelier to require price reductions to attract genuine interest, particularly those in older towers off Murray Street and Wellington Street that lack the amenity of newer builds on the riverfront.

Several large developments near Yagan Square have also contributed to the surge in available stock, putting a temporary lid on price expectations for existing stock held by longer-term investors. Local buyer’s agents point to upcoming settlements at One The Esplanade and the ongoing completion schedules at EQ West as key factors pushing buyers to hold out for incentives or better deals.

Looking ahead, sellers eyeing a spring campaign may want to revisit their price guides and presentation strategy. With interest rates expected to remain steady, the pool of motivated buyers in city high-rises and boutique offices is likely to stay cautious unless more properties are withdrawn or leasing demand picks up. Savvy buyers, meanwhile, should be ready to negotiate on both price and terms, and move quickly if a value property appears, as the market has shown signs of picking up speed when a vendor is sharply priced from the outset.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.