23/06/2026
Hey developers,
Something shifted in the Perth market in May. You may have noticed it.
Home opens that were packed six weeks ago are half empty. Properties that would have sold in a weekend are sitting. Agents are scratching their heads.
Angad and Adam sat down this week and recorded the conversation they've been having every day for the past month.
Here's what they think is going on:
The budget announcement, negative gearing changes, CGT discount, hit investor sentiment hard. Not because the changes are catastrophic. But because they made everyone feel uncertain (even non-investors).
Buyer sentiment can change in an instant. Buyers were very confident in January and fighting over properties, now they’re nervous and home opens are half full. And in our view, the fundamentals that drove this market haven't moved. Population is still growing. We still don't have enough houses. WA still has the lowest vacancy rates in the country.
So the question they keep asking is: is this a short-term dip in sentiment, or the start of something longer?
They've got a view. We recorded it. It's about an hour, raw, unscripted, no slides.
Worth watching if you're active in this market right now.
One thing we said that Adam keeps coming back to: negative gearing is not an investment strategy.
If you're losing a dollar to get fifty cents back from the tax office, that was never the play.
The properties worth holding are the ones that work on fundamentals, yield, location, supply constraints.
And right now, some of those are sitting on the market longer than they should be.
Happy to discuss in the comments. What are you seeing out there?
