Welcome to your weekly Perth property market update from Holdsworth Real Estate. This week, we’re seeing some interesting shifts in the market, with a noticeable divergence between house and unit sales, alongside a tightening rental landscape. Here’s the breakdown of what’s been happening in our vibrant city.
Sales Market Snapshot
Last week saw a total of 911 sales transactions across Perth, marking an 8.8% decrease from the previous week. However, the story isn’t just in the headline number. A closer look reveals a significant split in the market’s performance.
While house sales experienced a 14.7% dip, the unit market heated up, with sales increasing by a robust 9.8%. Land sales held steady, indicating continued interest in building new homes across the metropolitan area.
This data suggests a potential shift in buyer focus, with apartments and units becoming an increasingly popular choice. Whether driven by affordability, lifestyle, or a desire for low-maintenance living, it’s a trend we’ll be watching closely.
Top Performing Suburbs for Sales:
It was a big week for suburbs south of the river and in the inner city, with Como leading the pack:
- Como: 23 sales
- Subiaco: 21 sales
- Ellenbrook: 20 sales
- East Perth: 15 sales
- Baldivis: 13 sales
The highest sale recorded last week was a stunning property in Shenton Park, which sold for $2,025,000. At the other end of the spectrum, the most affordable entry point into the market was in Mount Lawley, with a sale at $255,000.
Listings Landscape
The total number of properties available for sale in Perth continues to shrink, with 4,145 listings at the end of last week – a 2.5% decrease from the week prior. This reduction is primarily due to fewer houses and units coming to market.
Compared to this time last month, available properties are down by 13.6%. However, looking back a year, we still have 27.5% more properties for sale, giving buyers more choice than they had in mid-2024. This dynamic of decreasing short-term supply against higher annual levels creates a fascinating market for both buyers and sellers.
Perth’s Rental Market
The rental market continues to be a hive of activity. The number of available rental properties dipped slightly to 2,315, a 2.5% decrease from the previous week and 6.8% lower than a year ago.
This ongoing shortage of rental stock is keeping the market competitive for tenants. On the leasing front, activity was strong, with 667 properties leased last week. This is a 5% increase on the previous week and a significant 16% higher than the same time last year, demonstrating the persistent high demand for rental homes in Perth.
Top Performing Suburbs for Rentals:
The rental hotspots were spread across the metro area, with Baldivis taking the top spot:
- Baldivis: 22 leases
- Perth: 17 leases
- Alkimos: 13 leases
- East Perth: 12 leases
- Balga: 10 leases
What This Means for You
For sellers, the continued low levels of stock, particularly for houses, present a fantastic opportunity to stand out in the market. The surge in unit sales also indicates that now is an excellent time to consider selling if you own an apartment or villa.
For buyers, while choice has narrowed slightly in the short term, the market is still more favourable than a year ago. Being prepared and ready to act when the right property comes along is key.
For landlords, the strong leasing activity and low vacancy rates underscore the strength of the rental market. Ensuring your property is well-presented and competitively priced is crucial to attracting quality tenants quickly.
Whether you’re thinking of buying, selling, or leasing, the team at Holdsworth Real Estate is here to provide expert advice and guide you through the current market. Contact us today for a confidential discussion about your property goals.