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Girrawheen Home Draws Record 45 Offers Amid 5-% Deposit Scheme

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  //house-home.news-articles.net/content/2025/11/2 .. raws-record-45-offers-amid-5-deposit-scheme.html
  Published in House and Home on Saturday, November 22nd 2025 at 1:32 GMT by The West Australian

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Girrawheen Home Sparks Record 45 Offers as 5‑Per‑Cent Deposit Scheme and Low Listings Drive Intense Property Demand

In an unprecedented display of buyer frenzy, a single property in the Perth suburb of Girrawheen attracted 45 separate offers, turning what would normally be a routine sales process into a high‑stakes auction‑style battle. The drama unfolded against the backdrop of a Western Australian (WA) government‑backed 5‑per‑cent deposit scheme, a sharp drop in new listings, and a broader housing market that has been characterised by soaring prices and a stubborn shortage of supply.

The Property That Stole the Spotlight

The home at the centre of the commotion is a contemporary, three‑bedroom, two‑bathroom dwelling on a generous block in Girrawheen. The listing—priced at $1.35 million—offers a blend of modern amenities and spacious family living. According to the original advert on The West, the house features an open‑plan kitchen and living area, a landscaped backyard, and a two‑car garage, all on a plot that boasts “plenty of space for children and pets.”

The property’s high appeal is reinforced by its location: Girrawheen sits just 18 km from Perth’s central business district, with easy access to the Mitchell Freeway, a host of schools, shopping precincts and parks. In recent weeks, the area has seen a surge in demand as families look to escape the high property prices of inner‑city suburbs while still remaining within commuting distance.

45 Offers in Record Time

In an unusual twist, the property was marketed by Reid Jasper (a well‑known name in the Western Australian real‑estate scene), who reported that within the first 24 hours of listing, the house received 45 separate offers. While the exact breakdown of each offer wasn’t disclosed, it is clear that the price was well above the initial asking price, reflecting the heightened buyer competition.

The property’s status was quickly changed to “under contract” after a successful negotiation that secured the developer’s preferred terms. Nonetheless, the event has highlighted a broader trend: buyers are willing to pay a premium, often above the market value, to secure a home in a desirable suburb.

The 5‑Per‑Cent Deposit Scheme: A Game‑Changer

The government‑backed 5‑per‑cent deposit scheme, launched in 2021, has had a profound impact on the WA housing market. Under the scheme, buyers can secure a home with a deposit as low as 5 % of the purchase price—a dramatic reduction from the typical 20 % deposit required for most mortgages.

The article links to the official WA Department of Local Government, Housing and Communities page for further detail on eligibility, application procedures, and the financial terms of the scheme. It is worth noting that the scheme is capped at homes priced up to $900,000 (or $1.2 million for “first home” buyers in certain circumstances), and requires a formal application that must be lodged before the contract is signed.

Despite these restrictions, the scheme has proven popular. According to a REIWA (Real Estate Institute of Western Australia) report cited in the article, the number of deposits taken under the scheme has increased by 62 % since its launch, suggesting that the policy is indeed driving buyers who might otherwise have been priced out of the market.

Low Listings: The Supply Conundrum

The article underscores a key challenge facing the WA housing market: a dramatic decline in the number of new listings. A link to the WA Housing Market Data page (maintained by the state’s Department of Finance and Services) shows that the total number of property listings in Perth fell by 18 % over the last 12 months, a figure that has not been seen since the early 1990s.

Several factors contribute to this shortage:
- Construction slowdown due to supply chain disruptions, higher material costs, and a shortage of skilled labour.
- Zoning restrictions that limit new builds in established suburbs.
- Increased property prices that deter sellers who feel they can fetch a higher price later on.

As a result, buyers are left with fewer choices, driving up competition for the available properties. The article cites an interview with Anna Harris, a local real‑estate analyst, who warned that “the market is currently a seller’s market, and buyers should be prepared for a bidding war if they’re serious about purchasing in high‑demand suburbs like Girrawheen.”

What This Means for Buyers

The 45‑offer saga and the broader market trends paint a clear picture for prospective buyers:

1. Prepare to Pay More – In many cases, the final sale price will exceed the listing price, sometimes by as much as 10‑15 %.
2. Act Quickly – With a low number of listings, buyers need to be ready to submit offers as soon as they find a property they like.
3. Consider the Deposit Scheme – While the 5‑percent deposit scheme reduces upfront costs, buyers must be aware of its caps and eligibility criteria.
4. Get Pre‑Approved – Having a mortgage pre‑approval in place can speed up the settlement process and give buyers a competitive edge.

The article’s authors advise buyers to work closely with a real‑estate agent who has intimate knowledge of the local market and can help negotiate in a saturated environment.

The Bigger Picture

Beyond the immediate drama in Girrawheen, the story is a microcosm of WA’s housing landscape. The government’s deposit scheme, while helpful, cannot entirely offset the supply constraints. The 45‑offer event also signals a shift in buyer behaviour: with limited inventory, the market is becoming less predictable, and buyers are forced to adapt.

Real‑estate experts warn that if the supply problem persists, we may see a plateau or even a dip in house prices as the market reaches a new equilibrium. Conversely, a surge in new construction could alleviate some of the pressure and reset buyer expectations.

Further Reading

1. WA Government’s 5‑Percent Deposit Scheme – Department of Local Government, Housing and Communities
2. Housing Market Data – WA Department of Finance and Services
3. REIWA Housing Report 2024 – Real Estate Institute of Western Australia

By synthesising data from these sources, the article paints a comprehensive view of why a single home in Girrawheen could prompt 45 separate offers and what this signals for the future of Western Australian real estate.