The Perth Property Show

Host Trent Fleskens is joined by Brendon Ptolomey (Herron Todd White) for a quarterly WA regional property update, noting several markets are starting to mirror Perth with higher listings, easing FOMO and modest corrections. Bunbury (and Mandurah) is showing early contract evidence of about 5% off peaks, with concern that demand is more investor-driven and may weaken if investors exit. Busselton/Dunsborough is resetting to “stable” values, around 5–10% off optimistic peak expectations, while still undersupplied. Albany remains tight and rising, with examples of lots reselling from mid-$400s to low-$500s due to strong demand and limited supply. Kalgoorlie is “counter-cyclical,” driven by yield-chasing investors targeting 8–12% gross returns. Geraldton is stabilising, Karratha is cooling as investor heat fades, and Broome remains active on rentals but vulnerable longer term due to planned land supply, with discussion of incentives for new regional builds.

Host Trent Fleskens welcomes Shane Beaumont to the Perth Property Show to unpack a post-budget quarter where Perth’s market has cooled despite weekly sales volumes holding up, with offer counts dropping sharply and buyers taking more time. Beaumont says conditions now feel more “balanced,” with many listings mispriced for current sentiment, and stresses that price is an invitation to act; sellers should benchmark against current competing listings, not earlier sales with different circumstances, and seek leading agents who understand the story behind results and pending subject sales. The pair discuss normalisation in days on market, a shift toward certainty in contract terms, and how fatigue is delaying demand rather than removing it, while a resilient rental market and migration continue to underpin Perth. They also outline buyer opportunities in value-add properties, under-leased rentals, and retain-and-build strategies.

Host Trent Fleskens and Brendon Ptolomey (Managing Director, Herron Todd White) deliver a quarterly Perth market update, describing a sharp shift from early-2026 FOMO to “fear of participation,” with rising listings and fewer buyers creating a market “reset” rather than a crash. They stress suburb-level nuance: some areas are sliding faster while others hold or grow, with Baldivis used as an example of listings rising from ~20–30 late last year to ~150–160 now, driving price differentiation between top-quality homes and poorer stock. They discuss investors taking profits, likely rent strength from reduced rental supply, and how federal tax changes have reduced investor borrowing capacity and dampened demand, while potentially pushing more money into principal residences and blue-chip suburbs. They note weaker national conditions (especially Melbourne/Sydney), potential vulnerabilities in investor-heavy Perth corridors, soft off-the-plan/new-build demand, and recommend CGT-date valuations ahead of 1 July 2027.

Host Trent Fleskens speaks with Vanessa Rader, Ray White’s commercial/industrial expert, talk about major shifts across Australian commercial property. They note childcare has “fallen off a cliff” nationally due to oversupply, staffing shortages, negative press, weak occupancy and fee growth, and limited buyer urgency, with over 30 closures in WA and yields rising as investors move to alternatives. Fast-food assets continue trading at very tight sub 4% yields, while service stations face questions amid rising EV sales, though profit is framed as coming from food and beverage and charging-related dwell time. Perth office is a relative bright spot, with 15.4% vacancy and nearly 30,000 sqm of take-up, constrained new supply, and potential rent growth from a low base versus Sydney. Industrial growth has stabilised but remains supported by demand, land constraints, and investor value, with SA attracting capital after removing stamp duty. They finish on medical’s renewed appeal (sticky tenants, diversified “one-stop” hubs) and the emerging need and planning challenge for aged care.

Host Trent Fleskens opens with a Perth market update, noting slowing conditions as listings rise, strong competition for quality homes, weaker demand for inferior properties, transactions in the 600s, and uncertainty ahead of an interest-rate decision. He then interviews Aaron Sice from HIA about proposed R-Codes reforms aimed at unlocking subdivision potential in R20-and-under areas, with likely impacts across suburbs such as Joondalup/Ocean Reef and Booragoon–Melville–Willetton–Lynwood, while minimum lot sizes remain. They discuss how ancillary dwellings and subdivision could increase dwelling yields, cautioning not all blocks are suitable and noting constraints like sewer and protected-tree policies. Aaron outlines streamlining changes including splitting the codes by housing type, expanding DA exemptions up to four dwellings/apartments, and simplifying rules (setbacks, privacy, site cover removal), plus proposals like three-storey R40, greater cut/fill allowances, and removing minimum parking requirements.

Host Trent Fleskens welcomes Mike McGowan from the HIA back to the Perth Property Show to rebalance the conversation from demand to the supply side of WA housing. Trent notes established listings are in the mid-6,000s with stock rising weekly, while Mike says new-build inquiry has fallen about 25% since March amid interest rate rises, budgets, and policy uncertainty, though sales remain consistent and most builders hold 8–12 months of work, constrained by titled land delays. They discuss build times (around 10–11 months currently, with a 5–6 month target), a persistent 40,000-home deficit, and expectations that WA will only deliver roughly 20–24,000 homes per year this decade without more land, higher-density feasibility, and skilled trades. They cover material price rises, affordability caps, the state’s Housing Innovation Fund supporting alternative methods like framing and modular, and promote HIA’s September 4 Economic Outlook Luncheon at the Westin featuring chief economist Tim Reardon and a builder panel.

Host Trent Fleskens welcomes Jay Das from Noble Avenue back to the Perth Property Show to review Iluka and Currambine, noting Perth stock on market is in the mid-to-high 6,000s and rising about 150 listings per week due to fewer buyers and lower transaction volumes, pushing conditions toward a more balanced market. Jay says Iluka’s median has lifted from about $1.23m to the $1.7m range, while Currambine’s entry-level stock has moved from around $800k to the mid-$900s/near $1m, after briefly reaching $1.3m–$1.4m. Home open numbers and offers have fallen sharply, competition is thinner, and sales are taking 4–6 weeks. The discussion covers price retraction from earlier peaks, more subject-to-sale offers, reduced investor activity, the importance of pricing and staging, and Jay’s preferred streets: St James Approach (Iluka) and Lagrange Loop or Formby Lane (Currambine).

Host Trent Fleskens interviews WA Minister for Planning and Housing John Carey about housing supply and planning reform, focusing on R-Code changes that scrap average lot size at R20 to enable subdivisions and potentially open up 50,000 new lots over time as “gentle density.” Carey argues WA needs the full housing continuum—greenfield, infill, and medium/high density—alongside station precinct upzoning, transport-corridor increases, and simplification of the now-expanded R-Codes to reduce variations and speed approvals. They address criticism about tree canopy and future redevelopment, with Carey supporting pragmatic local planning policies and stronger justification for low-density areas while aspiring to make R30 the standard. The discussion also covers approval delays, parking minimum flexibility, infrastructure bottlenecks at Water Corp and Western Power, progress and challenges in the Housing Diversity Pipeline, and targets for delivering social and affordable housing through build-to-rent and community housing provider.

Host Trent Fleskens speaks with Byford agent Sean Dunn about why Byford is a “canary in the coal mine” as Perth’s market shifts from aggressive growth to a more defensive phase. They discuss Byford’s new train station and expanding amenities (Coles, Woolworths, Aldi, cafes) alongside its mix of older large rural-residential blocks and newer estates. Against rising Perth listings, fewer transactions, and longer days on market, Dunn describes a sharp slowdown in Byford: home opens falling from 10–15 groups to 1–3, fewer multiple offers, and harder negotiations as sellers cling to last year’s expectations. He cites a recent 4x2 dropping from $860k to high-$700k offers, driven by reduced investor urgency after the budget and interest-rate sensitivity among high-LVR buyers. Dunn expects Byford’s median to move from about $850k to around $800k over 12 months.

Host Trent Fleskens answers listener questions on why Perth listings have risen above 6,000 and days on market have lifted to 18, arguing it reflects sentiment and interest-rate-driven serviceability constraints rather than a market top, with fundamentals still supported by undersupply as WA builds roughly 20–25k homes a year while population growth remains higher. He clarifies negative gearing grandfathering cut-off was budget night (12 May 2026), discusses likely investor pivot toward new builds and fringe house-and-land while preferring new infill product within 20km, and explains unit outperformance (27% annual growth) as driven by affordability and the 5% deposit scheme. He says Perth has decoupled from Sydney/Melbourne due to WA’s stronger economy, highlights R-code changes expanding R20 subdivision opportunities across many suburbs, criticises stamp duty bracket creep for first home buyers, and advises investors not to sell purely due to tax changes.

Host Trent Fleskens welcomes Tom Miszczak from The Agency back to the Perth Property Show for a suburb spotlight on Queens Park, Cannington and East Cannington. Tom says the past eight weeks have brought a market adjustment, with investor demand tailing off due to uncertainty from budget announcements, while owner-occupier and first-home buyer interest remains strong and prices have largely held if homes are well presented. He argues the slowdown is healthy after Queens Park’s median rose from $615,000 in Sept 2024 to about $850,000, and expects sideways to slightly softer conditions over the next 12 months. They discuss developer confidence, the rail line upgrade’s new amenities and safety, the first-home buyer 5% threshold’s impact on pricing, planning changes enabling townhouses near the station, and how buyers are shifting from investments to upgrading principal residences.

Host Trent Fleskens welcomes Derek Baston of Baston & Co to discuss Victoria Park, East Victoria Park and nearby St James/Bentley, focusing on Albany Highway’s lifestyle appeal and how the market has evolved since COVID. Derek explains key drivers by area, including Vic Park Primary School, Raphael Park, dog-friendly Harold Rossiter Park, and the growing food and brewery scene, plus major activation projects like Bailey Hill and the Boston Brewing precinct. They cover gentrification, the shift from state housing weatherboard cottages to prized character homes (influenced by a streetscape policy), and changing buyer profiles including downsizers from South Perth/Como and intergenerational support. Current medians are about $1.165m in Vic Park and $1.2m in East Vic Park, with East Vic Park’s larger blocks lifting its median, while development has slowed due to feasibility. Derek expects the median to track sideways as the market differentiates more between premium and inferior stock.

Host Trent Fleskens welcomes Brendon Habak from Inhabit for an apartment-focused suburb spotlight on East Perth, discussing buyer sentiment amid negative gearing and tax noise. Brendon sells East Perth on its riverfront amenity and improving infrastructure (WACA pool/slides, growing cafe culture) but notes the suburb lacks a true town centre and community spark, suggesting Wellington Street and the Perth Girls School redevelopment as the best chance to create a walkable retail hub. They outline the typical East Perth two-bed, two-bath apartment rising from about $480k pre-COVID to nearer $700k, with rents around $800/week, but describe a slowdown from last year’s multiple-offer market to fewer home-open attendees, driven by higher interest rates, affordability and rising strata fees. Brendon contrasts softer East Perth conditions with stronger demand and price outcomes in Wembley/Jolimont and discusses premium Perth CBD and Burswood Point offerings.

Host Trent Fleskens welcomes Devon Kelly back to the Perth Property Show for an updated suburb spotlight on Kewdale, revisiting their January 2020 episode and how the market has changed since. Devin shares personal history growing up in Kewdale and highlights Tomato Lake, the evolution of Kewdale High School into the Australian Islamic College, and differing precincts around the suburb. They discuss how Kewdale’s median has shifted from around $430,000 for a 3x1 in 2020 to roughly $1.1–$1.2 million today, pricing out many first-home buyers and attracting more second-home buyers and investors. Devin outlines current development activity, new townhouse and apartment pricing, buyer turnout fluctuations tied to news events, rising days on market, and forecasts Kewdale could reach about $1.25 million within 12 months.

Host Trent Fleskens welcomes UDIA WA CEO Tanya Steinbeck to discuss how recent state and federal budget policies will (or won’t) improve WA housing supply, separating meaningful initiatives from headline “pretend policies” and potential negative market impacts. Trent notes Perth listings have risen to around 5,000 but remain more than 50% below a balanced market, keeping sellers in control. They argue that while large infrastructure spending is welcome, the key constraint is workforce and delivery capacity, with competition from mining and the need for targeted skilled migration alongside apprenticeships. They highlight the Infrastructure Development Fund and Keystart’s pre-sale finance guarantee as important for apartment feasibility, criticise stamp duty as an inefficient tax (especially for first home buyers), and caution that federal negative gearing/CGT changes may shift investor demand toward new supply without increasing overall supply. They conclude delivery depends on improving approval culture and bureaucracy.

Host Trent Fleskens and guest Lachlan Delahunty discuss current Perth market conditions, discussing recent “noise” from media and federal budget changes is short-lived compared to slow-moving fundamentals. They note Perth is still growing at roughly 1% per month with around 5,000 listings versus a balanced 13,000, keeping sellers in control despite fewer home open attendees and offers. The biggest constraint is interest-rate-driven serviceability, with some investor deals falling over due to negative gearing changes in bank assessments, reshaping investor behaviour toward new builds and infill. They warn against spruiker-led outer-suburban/off-the-plan and SMSF pitches, and highlight Perth’s strong population growth and supply shortages. Strategies discussed include value-add subdivision/infill development, syndication for larger sites, and the “accidental landlord” approach to upgrading while keeping and renting an existing home.

Host Trent Fleskens and tax accountant Carlo Baudi unpack proposed budget changes affecting property investors, stressing they are not yet legislated. They explain the shift from the 50% CGT discount toward inflation indexation from 1 July 2027, with gains before that date effectively grandfathered and calculated via ATO pro‑rating or a 30 June 2027 market valuation. They highlight a new minimum 30% tax on capital gains and trust distributions, which they argue hits lower-income earners harder and reduces the benefits of trusts. On negative gearing, they discuss restricting deductions to new builds while grandfathering existing holdings, potentially diverting investment to house-and-land and apartments, reducing rentals in established suburbs, and lowering borrowing capacity. They suggest reviewing structures (personal vs company) and seeking tailored accounting advice.

Host Trent Fleskens interviews local agent Daniella Sparta for a Dianella suburb update, describing a noisy May 2026 backdrop (war, fuel prices, interest rates) but continued demand in Perth despite listings still below 5,000 and about 800 sales a week. They break Dianella into distinct pockets from St Andrews Estate’s multi‑million‑dollar homes to villas and units, noting recent sales from about $850k–$886k at the lower end to $1.75m and above, including older large homes near $1.95m and a first $3m sale. Home open attendance remains strong, but offers are fewer as affordability tightens and sellers’ expectations rise, suggesting a likely six‑month breather rather than price falls. They discuss why locals sell (downsizing/aged care), a $1.2m median after 22% growth, limited cash buyers, proposed development near Dianella Drive, and Dianella Plaza’s underwhelming retail.

Host Trent Fleskens interviews Bayswater agent Nick Pulvirenti on the suburb’s rapid growth and changing buyer mix. Bayswater’s median rose 23% last year (about $1.2m), with stronger gains in more affordable strata stock as first-home buyers use affordability schemes; two‑bed, one‑bath units in a once-avoided King William Street complex now sell in the $600s. Detached character homes are increasingly bought by owner-occupier professionals in their 30s–40s, often with family support, while the investor share (previously dominated by East Coast buyers) has eased as many cash out. Home opens remain strong in good locations but FOMO has softened since pre‑Christmas, with more buyer hesitancy and seller price expectations causing properties to take a few home opens to sell. They discuss common reasons for selling (upsizing, downsizing, cashing in), development around the upgraded Bayswater station, rear blocks around $500k, and a current local ceiling near $2.5m on the river.

On the Perth Property Show, Trent Fleskens and Brendon Ptolomey provide a WA regional market update based on HTW travel and valuation work across the state. Kalgoorlie remains strong with local and investor demand, resilient values despite new supply, and support from gold and lithium. Albany/Denmark are undersupplied, with short-stay returns and lifestyle migration keeping pressure on rentals and prices amid construction constraints. Dunsborough’s $2–$4m holiday segment is still healthy but less frenetic, driven by Perth wealth, with no signs of forced selling. Bunbury remains a value alternative to Perth, with typical prices around $500k in Withers and $600k–$700k in Carey Park. Geraldton is active off a low base, underpinned by tight rentals. Karratha shows urgency, strong rents and record sales amid iron ore strength, while Port Hedland has high turnover but minimal value growth. In Broome, demand favours smaller modern low-maintenance homes, and it’s noted as the shakier market.