Welcome back to our weekly look at the Perth real estate scene! Keeping you informed on the latest trends is key, whether you’re thinking of buying, selling, renting, or investing. Here’s the breakdown of market activity based on data reported by REIWA members last week:

Sales Market Activity

Overall sales transactions saw a slight dip last week, down 2% compared to the previous week, with a total of 989 properties changing hands.

Let’s break that down:

• Houses: Sales activity for houses eased slightly, down 2.6% week-on-week.
• Units: The unit market showed buoyancy, with sales increasing by a healthy 9.9%.
• Land: Sales for vacant land saw a more significant decrease, down 25.6% compared to the week prior.

Where was the action? Top Suburbs for Sales:

Buyers were particularly active in these areas last week:

• Halls Head (15 sales)
• Perth (14 sales)
• Rivervale (14 sales)
• Baldivis (12 sales)
• Balga (12 sales)

The market continues to cater to a wide range of budgets, demonstrated by the highest sale recorded in Dalkeith at $3,450,000, while the most accessible sale was secured in North Perth for $240,000.

Listings Update: What’s Available for Sale?

Good news for buyers – the number of properties available for sale remained relatively steady compared to the previous week, finishing at 5,076 listings.

• House listings held firm.
• Unit listings saw a small decrease of 1.5%.
• Vacant land listings increased by 3.2%.

Important Context: While stable week-on-week, the total number of properties for sale is 2.2% higher than four weeks ago and significantly higher – 37.5% – than this time last year. This indicates considerably more choice for buyers compared to 12 months ago.

Perth Rental Market Insights

The rental market also saw some shifts last week:

• Available Rentals: The number of properties advertised for rent increased by 6% compared to the previous week, totalling 2,238 listings.
• Rental Stock Trends: Similar to the sales market, rental stock is higher than in previous periods. Listings are up 7.2% compared to four weeks ago and 14% higher than a year ago, offering more options for tenants.

Rental Hotspots: Top Suburbs for Rentals:

Tenant activity was highest in these suburbs last week:

• Baldivis (20 leases)
• East Perth (19 leases)
• Perth (16 leases)
• Maylands (14 leases)
• Scarborough (13 leases)

Leasing Activity:

REIWA members reported 621 properties leased last week. While this is 14.9% lower than the very active week prior, it’s important to note the longer-term trend. Leasing activity remains robust, sitting 13.5% higher than four weeks ago and an impressive 25.7% higher than the same time last year, highlighting continued strong underlying demand in the rental sector.

The Takeaway

Last week showed a dynamic market with contrasting trends across different property types. While overall sales softened slightly, the unit market gained momentum. Crucially, both buyers and renters have significantly more properties to choose from compared to this time last year. Despite a weekly dip, leasing activity remains strong on a longer-term basis.

Thinking of Making a Move?

Navigating the Perth property market requires up-to-the-minute knowledge. Whether you’re looking to buy, sell, invest, or find your next rental home, our team is here to help. Get in touch with Holdsworth Real Estate today for expert advice tailored to your needs!