Back

Perth property prices are easing. So why did waiting cost this buyer $36,000?

Jones Realty & Projects

Key Facts:

• A buyer who delayed purchasing an apartment at The Boulevard Residences in Cockburn ended up paying approximately $36,000 more for the same floorplan after waiting just a few weeks.
• The original apartment was priced at $440,000 with full stamp duty coverage, but sold out before the buyer committed; an identical apartment on the same floor was then released at $470,000.
• Because construction had commenced by the time the buyer returned, they no longer qualified for the stamp duty benefit and faced an additional charge of approximately $6,000.
• Jones Realty & Projects Director Nicole Jones cautioned that the established and off-the-plan property markets operate differently, with new apartment pricing driven by construction costs, land values, and future delivery costs rather than current buyer sentiment.
• Nicole emphasised that buyers should not assume that easing conditions in the established market will translate to lower prices for new apartments, as the two markets do not always move in parallel.

As reports of easing conditions in Perth’s established property market encourage some buyers to hold off, one apartment buyer who waited just a few weeks ended up facing an additional cost of approximately $36,000 for essentially the same apartment.

After delaying their purchase, the buyer returned to The Boulevard Residences in Cockburn to find the previous release had sold out and the same floorplan was now priced higher.

They had initially been considering an apartment priced at $440,000, with 100 per cent stamp duty coverage available at the time.

While they waited, the release sold out.

An identical floorplan on the same floor was then released at $470,000. Construction had also commenced, meaning the buyer no longer qualified for the same stamp duty benefit and faced approximately $6,000 in stamp duty.

Jones Realty & Projects Director Nicole Jones said the experience highlighted an important distinction in the current conversation around Perth property prices.

“Buyers are hearing that conditions are easing and understandably thinking that waiting may put them in a stronger position,” Nicole said.

“But established and off-the-plan are really two different markets, and they don’t always move in parallel.”

“Established pricing is driven largely by what buyers are prepared to pay for existing stock today. Off-the-plan pricing has a different set of fundamentals behind it, including construction costs, land values, finance, feasibility and, importantly, the cost of delivering that same product in two or three years’ time.”

The buyer ultimately went ahead with the purchase, but the few weeks spent waiting for a better deal meant paying approximately $36,000 more for essentially the same apartment.

Nicole said it was a clear example of why buyers should not assume softer conditions in the established market will necessarily translate into lower prices for new apartments.

About us:

Jones Realty & Projects is a Perth-based development consultancy specialising in off-the-plan residential sales, project marketing and strategic development advisory. Theys work with developers from project inception through to launch, campaign delivery and sales, helping shape residential projects for stronger market engagement and commercial outcomes.

Contact details:

Frances Bobbitt
Phone: 0417 108 310
Email: [email protected]