Welcome to your latest market snapshot from Holdsworth Real Estate! We’re keeping a close eye on the Perth property scene, and last week brought some interesting movements. Overall, sales transactions saw a healthy bump, while the number of properties available for sale tightened slightly. Let’s dive into the details.

Sales Market Snapshot 📈

The big news is that sales transactions across Perth rose by 2.1% last week compared to the previous week, with a total of 923 properties changing hands according to REIWA members.

Here’s how it breaks down:

• House sales led the charge, increasing by a solid 3.8%.
• Unit sales held steady, showing consistent buyer interest.
• Land sales saw a decrease of 10.6%.

Which suburbs were the busiest for sales?

1. Baldivis was the star performer with 22 sales.
2. Armadale followed with 14 sales.
3. Ellenbrook and Scarborough both recorded 13 sales.
4. Port Kennedy rounded out the top five with 11 sales.

In terms of prices, the market saw a wide range:

• Highest sale price: A stunning property in West Leederville fetched $3,175,000.
• Lowest sale price: An affordable entry into the market was achieved in East Perth at $305,000.

What about properties on the market?

At the end of last week, there were 4,744 properties listed for sale in Perth. This is a slight decrease of 1.1% from the week before.

• The number of houses listed remained fairly stable.
• Unit listings saw a decrease of 2.6%.
• Vacant land listings also dropped by 2.2%.

It’s worth noting that while listings were down week-on-week, the total number of properties for sale is actually 2.5% higher than four weeks ago and a significant 35.1% higher than this time last year. This suggests more choice for buyers compared to 12 months ago, even with the recent weekly dip.

Perth Rental Market Insights 🏘️

Turning to the rental scene, there’s also been some movement.

• The number of properties available for rent in Perth increased by 2.5% last week, with 2,383 listings reported by REIWA members.
• This figure is 6.1% higher than four weeks ago and 2.5% higher than a year ago, indicating a slight easing in rental stock compared to previous periods.

Top suburbs for rental activity last week were:

1. Scarborough – 17 properties leased.
2. Perth (CBD and surrounds) – 16 properties leased.
3. Baldivis – 13 properties leased.
4. Maylands – 13 properties leased.
5. Victoria Park – 12 properties leased.

Interestingly, while listings were up, the number of properties leased last week (607) was 13% lower than the previous week. However, it’s still 4.7% higher than four weeks ago, though 2.6% lower than the same time last year.

What This Means For You

For sellers, the increase in sales transactions, particularly for houses, is a positive sign of buyer activity. For buyers, while overall stock is higher than last year, the slight dip in current listings means acting decisively when you find the right property could be key.

In the rental market, the increase in available properties might offer tenants a little more choice, though demand in popular suburbs remains strong.

Thinking of buying, selling, or leasing in Perth? The team at Holdsworth Real Estate is here to help you navigate the current market. Get in touch for expert advice tailored to your property goals!