Welcome to your weekly Perth property market wrap-up. After a period of high activity, sales transactions saw a slight cooling-off last week. However, the bigger picture remains one of a tight and competitive market, with the number of properties for sale still dramatically lower than a year ago.

In the rental market, the squeeze has intensified, with fewer available properties and rising demand from tenants. Let’s dive into the details.

Sales Market: A Mid-Spring Dip in Activity

Overall sales transactions in Perth dipped by 7.3% last week, with our partners at REIWA reporting 785 sales.

The decrease was seen across the board, but was most pronounced in land sales:

  • Land Sales: Down by a significant 36.2%.
  • Unit Sales: Down a modest 2.5%.
  • House Sales: Down slightly by 2.1%.

It’s common to see week-to-week fluctuations, and this slight dip doesn’t change the underlying strong demand in the market.

This Week’s Busiest Suburbs for Sales:

  • Baldivis (14 sales)
  • Ellenbrook (12 sales)
  • Rivervale (12 sales)
  • East Perth (11 sales)
  • Perth (11 sales)

The market’s diversity was on full display, with a premium property in Shelley fetching $3,200,000, while an apartment in East Perth sold for $462,000.

Listings: A Small Step in the Right Direction

For buyers, there was a welcome, albeit small, piece of good news. The total number of properties for sale increased slightly by 1.2% to 2,941. This was primarily driven by a 2.7% rise in new house listings.

However, it’s crucial to see this in context. The market is still facing a severe stock shortage:

  • Total listings are 7.1% lower than they were four weeks ago.
  • More significantly, listings are 23.8% lower than this time last year.

While any increase in choice for buyers is positive, conditions remain firmly in favour of sellers.

The Rental Market: Squeeze Tightens Further

It was a different story in the rental market, where conditions became even tighter for tenants.

The number of available rental properties dropped by 2.8% last week, leaving only 2,148 homes for rent across Perth. This figure is 7.1% lower than a month ago.

Meanwhile, tenant demand remains incredibly strong. While the number of properties leased last week was slightly lower, leasing activity is up 7% compared to the same week last year, showing sustained and growing demand.

Top Suburbs for Rental Activity:

  • Baldivis (28 leases)
  • Subiaco (21 leases)
  • Perth (20 leases)
  • East Perth (17 leases)
  • Scarborough (14 leases)

What This Means for You

  • For Sellers: The market fundamentals remain exceptional. With listings down nearly 24% year-on-year, there is far less competition for your property. The slight weekly dip in sales is normal noise; the underlying high demand continues to create a prime selling environment.
  • For Buyers: The small increase in listings is a positive sign, but the reality is that it’s still a very competitive market. Be prepared with your finances and ready to act quickly when you find the right home.
  • For Landlords: The rental market is moving further in your favour. Falling vacancy rates and rising year-on-year leasing activity indicate strong tenant demand and a healthy outlook for your investment.

Navigating a dynamic market requires timely advice and a solid strategy. Whether you’re considering a move or reviewing your investment, our team is here to provide the expert guidance you need. Contact us today for a confidential chat.