Welcome to our weekly overview of the Perth property market. This week, we’re seeing a slight cooling in sales activity, but the bigger picture reveals a continued tight supply of properties for sale, creating distinct opportunities for both buyers and sellers. Let’s dive into the details.
Sales Market Snapshot
Last week saw a temporary dip in sales transactions across Perth, with REIWA showing 754 properties sold, marking a 12.9% decrease from the previous week. House sales experienced a 13.3% drop, and unit sales were down by 17.2%, while land sales held steady.
Despite the weekly fluctuation, demand remains strong in key areas.
Top 5 Suburbs for Sales:
- Baldivis: 18 sales
- Subiaco: 15 sales
- Perth: 12 sales
- Scarborough: 11 sales
- Rockingham: 10 sales
The market continues to cater to all price points, with last week’s sales ranging from a $375,000 property in Hamilton Hill to a premium $2,200,000 home in Dawesville.
Property Listings: Supply Still Low
The total number of properties available for sale in Perth dipped slightly to 2,820 last week. While this is only a 0.7% decrease from the week prior, it represents a significant 34.1% reduction in available stock compared to the same time last year.
This ongoing shortage of available properties is a critical factor influencing the market. For sellers, it means less competition and a strong negotiating position. For buyers, it highlights the importance of being prepared to act quickly when the right property comes along.
Perth’s Rental Market
In the rental sector, there was a slight easing for tenants, with the number of available properties increasing by 5.6% to 2,179. While this is 7.7% higher than a year ago, the total number of leased properties last week was 573, a decrease from previous weeks, suggesting that while stock has risen slightly, demand is still consistently absorbing available rentals.
Top 5 Suburbs for Rentals:
- Baldivis: 16 leases
- East Perth: 16 leases
- Perth: 13 leases
- Alkimos: 9 leases
- Armadale: 9 leases
What This Means For You
- Sellers: With 34.1% fewer properties on the market than last year, now remains an excellent time to sell. Reduced competition can lead to strong buyer interest and favourable outcomes.
- Buyers: The market is competitive. Having your finances in order and being clear on your goals is crucial to success in the current climate.
- Landlords: The rental market remains robust. The slight increase in listings provides more choice for tenants, but properties are still leasing steadily, indicating healthy returns.
Thinking of making a move? Whether you’re buying, selling, or leasing, our team has the expertise to guide you through the current market conditions. Contact us today for a complimentary property appraisal or to discuss your real estate goals.