The average settlement time on a house in Perth typically ranges from 30 to 60 days.
This property settlement period is the stretch of time between signing the contract of sale and the official settlement day, when the final payment of the purchase price is made, the transfer documents are lodged, and legal ownership of the property passes to the buyer.
Buying or selling a home is one of the biggest moments in your life, so it helps to know roughly how long the whole property settlement process should take before you commit to an agreed date. The good news is that the settlement date is not fixed by law; instead, it’s negotiated between the buyer and seller, often with input from the real estate agent, and written into the contract of sale.
These settlement details give both parties room to agree on a timeframe that suits everyone.
Breaking Down the Typical Perth Settlement Timeline
Most Perth property sales fall into one of three common timeframes. Here is what each one usually means.
30-Day Settlements
A 30-day settlement generally suits cash buyers, or buyers who already have formal loan approval in place. It also works well when both the buyer and seller simply want to move quickly. It is the tightest of the common options, so there is little room for delays.
42 Days, or 6 Weeks, the Common WA Choice
A 42-day settlement, roughly six weeks, is highly common across Western Australia. It gives your bank enough time to finalise formal finance approval in the lead-up to settlement and gives your settlement agent time to prepare the transfer documents without anyone having to rush.
For many buyers, this is the sweet spot, and the average buyer timeframe sits at around 42 days.
60 to 90 Days
Longer settlements of 60 to 90 days are often chosen when the buyer needs extra time to arrange a home loan, or when the seller needs time to find a new property in a competitive market and vacate.
They can also suit first home buyers who are still organising finance or waiting on support such as the first home owner grant.
A 60-day settlement is also the national default across Australia, so it is far from unusual.
How the Settlement Period Works in Western Australia
The settlement process usually begins the moment your offer is accepted in writing, and the contract is signed. From that point, the clock starts ticking towards the agreed settlement date.
In Western Australia, one detail catches many people by surprise. There is no cooling-off period once the contract is signed, so the agreement is binding straight away. That makes choosing a realistic settlement period important from the very start, because your settlement agent and your lender both need enough time to do their part properly.
For any legal advice, that sits with a solicitor, while your settlement agent manages the settlement itself and will advise you of the key dates to prepare for.
Factors That Affect Your Settlement Time
No two property sales are identical, and a few key factors can push your settlement period towards the shorter or longer end of the range.
Finance Approval
If your offer is subject to finance, your lender will usually take somewhere between 14 and 28 days to confirm your loan amount and move from conditional to unconditional approval. This is why a 30-day settlement can feel tight when you are relying on a mortgage. Building a little breathing room into the timeframe helps avoid last-minute stress.
It also gives you time to get your money in order well in advance, including any applicable government fees such as stamp duty, so you are ready to pay the costs on time. First home buyers should also confirm their eligibility for the home owner grant during this window.
Property Type
Established homes usually settle within the 30 to 60-day window. More complex sales tend to take longer. Off-the-plan purchases, for example, can stretch out considerably, and matters such as deceased estates often need additional time to work through the extra steps involved.
Your Settlement Agent and the Paperwork
Behind the scenes, your settlement agent manages the financial and administrative side of the transaction on your behalf.
That includes carrying out identity checks to help prevent fraud, preparing and lodging the transfer documents electronically through the PEXA platform, and providing you with a settlement adjustment statement before settlement so you know exactly what is owed and what is owing.
Keeping all of the settlement details in order is what allows the day itself to run smoothly.
Common Reasons Settlement Can Be Delayed
Even a well-planned settlement can hit a snag, and understanding what can make a settlement take longer helps you plan.
The most common cause is finance approval not coming through in time. Other culprits include missing paperwork, sequential settlements that are linked to another transaction, issues raised by building or pest inspections, and holiday periods when reduced staff availability slows everyone down.
Delays are worth avoiding because penalty interest may apply to the party at fault when settlement is delayed, compensating the other party for the hold-up.
A delay caused by one party can have a knock-on effect for everyone in the chain. It is also sensible for buyers to keep their paperwork present and ready, and to arrange back-up accommodation just in case the date shifts.
Our overview of the most common settlement delays explains how to stay ahead of them.
Have More Questions? Contact Peacock Settlements Today!
Every property settlement is different, and the right timeframe depends on your finances, your property type and the people on the other side of the deal.
Getting it right from the start is what keeps settlement day running smoothly.
That is where a good settlement agent makes all the difference, guiding you through the paperwork, the key dates and everything in between.
Whether you are buying or selling in Perth, our team is here to make the process clear and stress-free.
Get in touch with Peacock Settlements today and let’s talk through your settlement.