Welcome to your weekly Perth property market update!

This week, we’re seeing significant activity in both sales and rentals, offering valuable insights for buyers, sellers, and investors. Let’s dive into the key trends:

Sales Market

• Increased Transaction Volume: Perth’s sales market experienced a notable surge, with REIWA members reporting 951 transactions, a 10.8% increase compared to the previous week.
• Breakdown by Property Type:
  • House sales rose by 9.4%.
  • Unit sales saw a substantial increase of 32.4%.
  • Land sales experienced a decrease of 28%.
• Top Performing Suburbs (Sales):
  • Baldivis: 20 sales
  • Perth: 17 sales
  • Scarborough: 15 sales
  • Como: 14 sales
  • East Perth: 14 sales
• Notable Sales:
  • Highest Sale Price: $3,125,000 in Mount Pleasant.
  • Lowest Sale Price: $355,000 in Mandurah.
• Listing Levels:
  • Total properties for sale reached 5,047, a 1.6% increase from the previous week.
  • House listings increased by 2.9%.
  • Unit listings decreased by 2.6%.
  • Vacant land listings increased by 2.6%.
  • Listing levels are similar to 4 weeks ago, and are 27.1% higher than one year ago.

Rental Market

• Rental Listings on the Rise: The number of properties available for rent in Perth increased to 2,130, a 2.1% rise from the previous week.
  • Rental listing numbers are up 3.6% from 4 weeks ago, and 17.3% higher than one year ago.
• Top Performing Suburbs (Rentals):
  • Perth: 25 rentals
  • East Perth: 15 rentals
  • Mandurah: 11 rentals
  • Scarborough: 10 rentals
  • West Perth: 10 rentals
• Leasing Activity:
  • 628 properties were leased last week, a 14.4% increase from the previous week.
  • Leasing numbers are down 14.3% from 4 weeks ago, and up 4% from one year ago.

Key Takeaways

• The Perth sales market is demonstrating strong momentum, with increased transaction volumes, particularly in the unit sector.
• Listing levels are showing a modest increase.
• Rental market listings continue to increase year over year.
• Leasing activity is up week over week.

What This Means For You

• Buyers: With increased listings and transaction volumes, there’s a wider range of options available. Stay informed and act decisively.
• Sellers: The current market conditions present a favorable opportunity to capitalize on increased buyer activity.
• Investors: The growing rental market and increased leasing activity indicate a strong demand for rental properties.

Stay tuned for our next weekly update as we continue to monitor Perth’s dynamic property market. For personalized advice and expert guidance, contact Holdsworth Real Estate today!