Welcome to our weekly market update, bringing you the latest insights into Perth’s dynamic real estate landscape. Last week showed some very encouraging signs for sellers, with a notable surge in sales activity across the board.

Sales Activity Soars!

We’re thrilled to report a significant uptick in sales transactions last week, with REIWA members recording 1,000 transactions – a healthy 12.2% increase on the previous week! This strong performance was driven by all property types:

  • House sales led the charge, jumping an impressive 15.9% week-on-week.
  • Unit sales saw a solid 3.5% increase.
  • Land sales also contributed positively, rising 8%.

Top Selling Suburbs Last Week:

It was a busy week for these Perth hotspots:

  • East Perth: 14 sales
  • Gosnells: 14 sales
  • Scarborough: 14 sales
  • Baldivis: 13 sales
  • Cockburn Central: 13 sales

Notable Sales:

Last week saw a wide range of transactions, from entry-level opportunities to premium properties. The highest reported sale was a stunning property in South Perth, fetching $3,550,000, while the lowest sale was in Victoria Park at $355,000.

Listings Continue to Tighten – Good News for Sellers!

The supply side of the market continues to favour sellers, with a noticeable reduction in available properties. At the end of last week, there were 3,675 properties for sale in Perth, a 7.5% decrease from the week prior. This decline was consistent across all segments:

  • House listings decreased by 8.8%.
  • Unit listings were down 5.6%.
  • Vacant land listings saw a 5% reduction.

Looking at the broader trend, current stock levels are 11.3% lower than four weeks ago, although they remain 16.9% higher than a year ago. This tightening of supply, combined with strong buyer demand, bodes well for property values.

Perth Rental Market Snapshot

The rental market saw a slight increase in available properties last week, with 2,480 properties for rent – up 3.2% on the previous week. This figure is also 7.1% higher than four weeks ago, but still 4.5% lower than levels seen a year ago, indicating a relatively balanced market compared to last year’s tight conditions.

Top Performing Rental Suburbs:

These suburbs saw the most leasing activity last week:

  • Perth: 21 leases
  • Baldivis: 15 leases
  • Scarborough: 13 leases
  • Victoria Park: 12 leases
  • Armadale: 10 leases

While new rental listings were up, the number of properties leased last week saw a dip, with 642 properties leased – 13.8% lower than the previous week and 3% lower than four weeks ago. However, this figure is similar to what we saw a year ago.

What Does This Mean for You?

The latest figures highlight a buoyant Perth sales market with strong buyer interest and decreasing stock levels, which typically supports price growth. For sellers, now could be an opportune time to list your property and capitalise on this demand. For buyers, while competition is increasing, opportunities are still emerging, particularly in the top-performing suburbs. In the rental market, a slight increase in supply offers more choice for tenants, while consistent leasing numbers indicate ongoing demand.

If you’re considering buying, selling, or investing in Perth real estate, our team is here to provide expert advice and guide you through the current market conditions. Contact us today for a confidential discussion!