The Perth property market continues to show remarkable resilience and activity. This week’s data reveals a distinct uptick in sales transactions, driven largely by a surge in land sales, even as stock levels continue to tighten significantly compared to last year.
Whether you are looking to buy, sell, or rent, here is your snapshot of what happened in Perth real estate last week.
🏡 Sales Market Performance
Activity was strong last week with REIWA members reporting 975 transactions, representing a 4.7% increase on the previous week.
While house sales saw a modest rise of 1.3% and unit sales remained stable, the standout performer was vacant land. Land sales skyrocketed by 50% compared to the previous week, suggesting renewed interest from buyers looking to build or secure land in growth corridors.
Top Selling Suburbs: Activity was spread across key growth areas and inner-city hubs:
- Armadale (15 sales)
- Baldivis (14 sales)
- East Perth (14 sales)
- Scarborough (13 sales)
- Perth (12 sales)
Price Extremes:
- Highest Sale: South Perth ($5,912,000)
- Lowest Sale: Burswood ($530,000)
📉 Listings & Stock Levels
For buyers, the challenge remains supply. The total number of properties available for sale dropped to 2,759 last week—a decrease of 5.4% in just seven days.
Looking at the bigger picture, the inventory squeeze is undeniable. Total listings are now 50.4% lower than they were a year ago. This tightening of stock is affecting all categories, with land listings dropping 11.7% and house listings falling 4.9% week-on-week.
🔑 Rental Market Update
The rental market is showing signs of slight stabilization in terms of availability. There were 2,278 properties for rent at the end of the week, a 1.4% increase from the previous week and slightly higher (+0.9%) than levels seen a year ago.
Leasing activity remains robust despite a small weekly dip. While leased properties dropped 3.9% week-on-week, the volume is still significantly higher (+9.7%) than it was four weeks ago.
Top Leasing Suburbs:
- Baldivis (18 leased)
- Perth (14 leased)
- East Perth (13 leased)
- Como (12 leased)
- Rivervale (12 leased)
What This Means for You
For Sellers: With listing numbers continuing to plummet (-50% year-on-year), competition between sellers is low, while buyer demand remains high. Now is an opportunistic time to bring a property to market.
For Buyers: The spike in land sales indicates that many buyers are turning to building as established stock becomes harder to find. Speed and preparation are key in this fast-moving environment.
For Investors: Rental listings are creeping up slightly, offering tenants a little more choice, but leasing activity remains higher than this time last year, ensuring low vacancy rates and strong returns.
Are you ready to make your move in the Perth market? Contact the team at Holdsworth Real Estate today to discuss your property goals.
