Welcome to our weekly market update, providing you with the latest insights into Perth’s dynamic real estate landscape. This week, we’ve observed some interesting adjustments in sales and rental activity, offering valuable perspectives for both buyers and sellers.
Sales Market: A Slight Cooling Trend
Last week saw a decrease in overall sales transactions across Perth, with REIWA members reporting 869 sales, a 19% drop compared to the previous week. Diving deeper, we observed:
- House Sales: Down 17.3%
- Unit Sales: Down 27.2%
- Land Sales: Down 10.5%
While these figures indicate a slight cooling trend, it’s important to remember that market fluctuations are normal.
Suburbs Leading the Sales Charge
Despite the overall decrease, certain suburbs remained popular:
- Baldivis: 18 sales
- Canning Vale: 14 sales
- Cottesloe: 14 sales
- East Perth: 13 sales
- Perth: 13 sales
Notable Sales
- Perth’s highest sale price: Watermans Bay – $2,850,000
- Perth’s lowest sale price: Glendalough – $405,000
Increased Listings Provide More Choice
For buyers, there’s good news. The number of properties for sale in Perth increased to 4,969, a 2.9% rise from the previous week. This increase is reflected across all property types:
- House listings: Up 3.1%
- Unit listings: Up 2.9%
- Land listings: Up 1.7%
This increase in stock means buyers have a wider range of options to choose from. Furthermore total listings are 0.8% higher than 4 weeks ago, and 24% higher than one year ago.
Rental Market Adjustment: Listings Up, Leases Down
The rental market also experienced some shifts. At the end of last week, there were 2,087 properties available for rent, a 3.5% increase from the previous week. This is also 16% higher than one year ago. However rental listings are down 2.5% from 4 weeks ago.
Rental Hotspots
- Perth: 21 rentals
- Baldivis: 18 rentals
- East Perth: 13 rentals
- Maylands: 12 rentals
- Canning Vale: 11 rentals
Leasing Activity
REIWA members reported 551 properties leased last week, a 20.1% decrease from the previous week, a 23.4% decrease compared to 4 weeks ago, but a 16.2% increase from one year ago.
What This Means for You
- Buyers: Increased listings offer more choice, but it’s crucial to act decisively in popular areas.
- Sellers: While sales have slowed slightly, well-presented properties in desirable locations continue to attract buyers.
- Renters: An increase in rental listings provides more options, but demand remains high in key areas.
- Landlords: while listings have increased, leasing activity has decreased. It is important to have a well presented property, and accurate market pricing.
As your local real estate experts, Holdsworth Real Estate is here to help you navigate these market changes. Contact us today for personalised advice and support.