Welcome to our weekly Perth property market wrap-up. This week’s data reveals a dynamic and fast-moving market, with strong sales activity running up against a decreasing supply of properties for both sale and rent. Here’s everything you need to know.

Sales Market Firing on All Cylinders

The Perth sales market showed significant strength last week, with total transactions jumping by an impressive 10.8% to reach 851 sales.

This growth was seen across all sectors. House sales led the charge with a robust 11.3% increase, while unit sales saw a healthy 4.5% rise. The most notable movement was in vacant land, where sales surged by a remarkable 18%, indicating strong confidence in building new homes across the city.

Top 5 Busiest Suburbs for Sales:

  • Baldivis: 23 sales
  • Byford: 13 sales
  • Perth (CBD): 13 sales
  • Kelmscott: 12 sales
  • Subiaco: 12 sales

The range of sales last week was broad, with the highest price achieved in Como at $2,000,000, and the most accessible sale recorded in Orelia at $472,000.

Listings Update: Property Supply Continues to Shrink

For those looking to buy, the challenge remains the limited number of available properties. The total number of listings in Perth dropped to 3,292 last week, a decrease of 2.4% from the week prior.

This tightening supply creates a classic seller’s market, where well-presented properties are attracting significant interest. Compared to just four weeks ago, total listings are down by 10.4%. While the current figure is slightly higher (0.8%) than this time last year, the overall trend points towards increased competition among buyers.

The Rental Market: Demand Outstrips Supply

Perth’s rental market remains extremely competitive for tenants. The number of available rental properties fell again last week by 2.9%, leaving only 2,330 properties on the market.

This figure is 6% lower than four weeks ago and a significant 7.5% lower than the same time last year, highlighting the ongoing rental shortage.

This scarcity is driving intense leasing activity. Last week, 733 properties were leased, a figure that is:

  • 4.7% higher than the previous week
  • 14.9% higher than four weeks ago
  • 16.7% higher than this time last year

Top 5 Most In-Demand Suburbs for Rentals:

  • Perth (CBD): 25 leases
  • Baldivis: 20 leases
  • East Perth: 14 leases
  • Rivervale: 14 leases
  • Maylands: 11 leases

What This Means For You

  • For Sellers: With sales activity high and stock levels low, now is an opportune time to list your property. Less competition means your home is more likely to stand out and achieve a premium price.
  • For Buyers: The market is moving quickly. It’s crucial to have your finances in order and be prepared to act decisively when you find the right property.
  • For Investors: The rental market conditions are ideal. Low vacancy rates and high tenant demand point to strong rental yields and a secure investment.

Whether you’re thinking of selling, navigating the buying process, or seeking an expert to manage your investment property, our team has the local knowledge and experience to help you achieve your goals. Contact us today for a confidential chat about your property journey.