Welcome to your weekly Perth property market update! As we move through the middle of July, we’re seeing some interesting shifts that create unique opportunities for buyers, sellers, and investors. While headline sales numbers saw a dip, a closer look reveals a market defined by tight supply and red-hot rental demand.

Let’s break down the key figures for the week.

The Sales Market: A Moment to Breathe

After a period of strong activity, sales transactions saw a natural consolidation last week, with REIWA members reporting 809 sales. This represents an 18.8% decrease from the previous week’s figures.

  • House sales: Down 20.6%
  • Unit sales: Down 14.6%
  • Land sales: Down 14.8%

Despite the quieter week, certain suburbs remained bustling with activity. The top-performing suburbs for sales were:

  • East Perth: 14 sales
  • Perth: 12 sales
  • Armadale: 11 sales
  • Byford: 11 sales
  • Scarborough: 11 sales

The market continues to show incredible diversity in price, with last week’s sales ranging from a stunning family home in Applecross which sold for $3,460,000, to a fantastic entry-level opportunity in Mount Lawley at $413,000.

Listings Low, Opportunities High for Sellers

For those thinking of selling, the current landscape is very compelling. The total number of properties for sale in Perth dropped again last week to just 3,545, down 3.5% from the week prior.

This figure is a significant 13% lower than just four weeks ago, indicating that quality properties are being snapped up quickly. While stock levels are 9.8% higher than this time last year, the recent sharp decline in active listings creates a classic supply-and-demand scenario that places well-presented homes in a prime position to attract strong buyer interest.

The Engine Room: Perth’s Rental Market

Perth’s rental market continues to be the powerhouse of our property scene. The number of properties leased last week skyrocketed by 17.2%, with a total of 748 properties finding new tenants. This is a remarkable 14.5% higher than the same week a year ago, underscoring the intense and sustained demand from tenants.

While the number of available rental properties remained stable at 2,492, this figure is still 4% lower than a year ago. This ongoing shortage of rental stock, combined with surging leasing activity, is fantastic news for property investors.

The most in-demand suburbs for renters last week were:

  • East Perth: 24 leases
  • Baldivis: 19 leases
  • Perth: 19 leases
  • Rivervale: 17 leases
  • Alkimos: 15 leases

What This Means For You

  • For Sellers: With listing numbers continuing to fall, there is less competition on the market. This is an ideal time to launch your property to stand out and achieve a premium result.
  • For Buyers: While choice is tighter, quality homes are still available. It’s crucial to have your finances in order and be ready to act decisively when you find the right property.
  • For Investors: The rental market is exceptional. Tenant demand is at a high, vacancy rates are low, and leasing times are short. There has rarely been a better time to be a landlord in Perth.

Thinking of making a move?

Whether you’re considering selling, buying, or need an expert to manage your investment property, our team has the local knowledge and strategic insight to help you achieve your goals.

Contact us today for a confidential, no-obligation chat about your property journey.