Welcome to this week’s Perth property market update, where we delve into the latest trends and data to keep you informed. The market continues to demonstrate dynamic activity, with significant increases in sales and a vibrant rental landscape.
Sales Market Booms
Perth’s sales market experienced a significant surge last week, with a remarkable 26.5% increase in transactions compared to the previous week. REIWA members reported a total of 865 sales, demonstrating strong buyer interest across various property types.
- Houses: Sales were up 22.9% week-on-week, indicating continued demand for traditional housing.
- Units: The unit market also saw a substantial increase, with sales jumping by 30.1%.
- Land: Land sales led the charge, recording an impressive 61.8% increase, suggesting strong developer and builder confidence.
Top Performing Sales Suburbs
Several suburbs stood out for their high sales volumes:
- Baldivis (18 sales)
- Thornlie (14 sales)
- Gosnells (13 sales)
- Perth (13 sales)
- Mandurah (12 sales)
Notable Sales
- Highest Sale Price: Dalkeith – $4,930,000
- Lowest Sale Price: Mount Lawley – $325,000
Listing Numbers Stable, but Trends Vary
At the end of last week, there were 4,790 properties available for sale in Perth, a figure relatively consistent with the previous week. However, a closer look reveals some interesting shifts:
- House Listings: Decreased by 1.7%.
- Unit Listings: Increased by 1%.
- Vacant Land Listings: Increased significantly by 9.6%.
Overall, the total number of properties for sale is 4.5% higher than four weeks ago and a substantial 24.1% higher than a year ago, indicating increased market supply.
Rental Market Remains Competitive
Perth’s rental market continues to be active. REIWA members reported 2,219 properties available for rent at the end of last week, a slight 3.6% decrease compared to the previous week. However, rental listings are still 22.9% higher than four weeks ago and 13.4% higher than a year ago.
Top Performing Rental Suburbs
- Perth (25 rentals)
- Maylands (17 rentals)
- Baldivis (15 rentals)
- Subiaco (14 rentals)
- East Perth (13 rentals)
Leasing Activity Strong
REIWA members reported 803 properties leased last week, a 2.8% increase from the previous week. This figure is a remarkable 250.7% higher than four weeks ago and 35.9% higher than a year ago, showcasing the robust demand in the rental market.
Looking Ahead
The Perth property market continues to demonstrate strong activity in both sales and rentals. The surge in sales transactions, especially in the land sector, suggests positive market sentiment. While rental listings saw a slight dip, overall numbers remain higher than previous periods, and leasing activity is particularly strong. Our team at Holdsworth Real Estate is here to help you navigate these market dynamics. Contact us today for expert advice and assistance with your real estate needs.