Welcome to our comprehensive Perth property market update for the week ending 9th February 2025. This week’s data reveals a market characterized by robust sales activity, a modest increase in listings, and a dynamic rental landscape. Let’s delve into the key trends and what they mean for buyers, sellers, and renters.
Sales Surge Signals Strong Buyer Demand
The Perth sales market experienced a significant surge in activity this past week, with a notable 20.9% increase in transactions compared to the previous week. REIWA members reported a total of 970 sales, demonstrating strong buyer interest across various property types. This positive momentum suggests continued confidence in the Perth market.
- Houses Lead the Charge: House sales saw a healthy rise of 17.3%, indicating sustained demand for detached dwellings.
- Units Enjoy Renewed Interest: Unit sales also experienced a welcome boost, increasing by 16%, suggesting growing interest in apartment living.
- Land Sales Take Off: The most dramatic increase was seen in land sales, which soared by 71.2%. This surge likely reflects renewed interest in building new homes and could indicate future growth in the housing market.
Spotlight on Sales Performance: Suburbs and Price Points
Examining the top-performing suburbs for sales provides valuable insights into market hotspots:
- High-Demand Suburbs: Baldivis (21 sales), Perth (19 sales), Scarborough (17 sales), East Perth (15 sales), and Balga (10 sales) emerged as the most sought-after locations this week. These areas likely offer a combination of desirable amenities, convenient locations, and attractive price points.
Analyzing the highest and lowest sale prices further illustrates the diverse nature of the Perth market:
- Luxury Market Remains Strong: The highest sale price, recorded in Dalkeith at $6,450,000, demonstrates the continued strength of the luxury market.
- Affordable Options Available: Conversely, the lowest sale price in Crawley at $340,000 highlights the availability of more affordable options for buyers.
Listings Tick Up, Offering Buyers More Choice
The total number of properties available for sale in Perth saw a slight increase to 4,932, a 1.4% rise from the previous week. This increase in listings provides buyers with greater choice and potentially more negotiating power.
- House Listings Edge Higher: House listings increased by 1%, contributing to the overall rise in available properties.
- Unit Listings Show Positive Growth: Unit listings also saw a positive movement, increasing by 4.4%, offering potential buyers more options in the apartment market.
- Land Listings Cool Slightly: Interestingly, vacant land listings decreased by 1.8%, perhaps suggesting a slight shift in focus towards existing properties.
Longer-Term Trends in Listings: Looking at broader trends, total listings are now 8.7% higher than four weeks ago and a significant 24.7% higher than this time last year. This substantial increase in available properties provides buyers with a wider selection and may moderate price growth.
Rental Market: A Story of Steady Activity
The rental market in Perth remains active. At the end of last week, there were 2,141 properties available for rent, relatively stable compared to the previous week.
- Rental Listings Hold Steady: While slightly down compared to the previous month, rental listings are still significantly up compared to a year ago.
Spotlight on Rental Activity: Suburbs and Leasing
The top-performing suburbs for rentals this week were: East Perth (22 rentals), Perth (21 rentals), Baldivis (17 rentals), Scarborough (16 rentals), and Rivervale (15 rentals). These areas likely benefit from their proximity to employment hubs, universities, and lifestyle amenities.
Leasing activity also showed positive signs, with 724 properties leased last week. This represents a 9.9% increase compared to the previous week, a 21.7% increase compared to four weeks ago, and a 7.3% increase compared to a year ago, demonstrating a healthy level of activity in the rental market.
Looking Ahead: A Balanced Market with Opportunities
The Perth property market currently presents a balanced picture with strong sales activity, increasing listings, and a dynamic rental market. The increase in sales transactions and listings offers opportunities for both buyers and sellers. We recommend staying informed about these trends and seeking professional advice to navigate the market effectively. Contact our team today for personalized guidance tailored to your specific real estate needs.