If there is one defining characteristic of the current Perth real estate market, it is resilience. Despite broader economic conversations happening around the country, Western Australia continues to chart its own course.

The latest data from last week reinforces the trend we have seen building for months: buyer demand is insatiable, and supply is struggling to keep up.

For anyone watching the market—whether you are looking to buy your first home, sell a portfolio asset, or secure a rental—the figures from this past week paint a picture of a high-velocity market that is showing no signs of slowing down.

Sales Activity Jumps Significantly

Last week, the market shifted into a higher gear. Sales transactions across Perth rose by 6.4 per cent, with REIWA members reporting a total of 985 transactions in just seven days.

When we break these numbers down, we see broad-based confidence across all property types. House sales drove much of this momentum, climbing 7.1 per cent compared to the week prior. Interestingly, we also saw a sharp spike in the vacant land sector, with land sales jumping 11.6 per cent. This suggests that despite construction timelines, buyers are increasingly willing to build to secure their spot in the WA market. Unit sales also saw a steady, albeit smaller, increase of 2.0 per cent.

The Inventory Crunch: A 47% Drop

While high sales volumes are excellent for market fluidity, they tell a concerning story when paired with listing numbers. We are currently facing a significant supply-demand imbalance.

At the end of last week, there were only 2,989 properties for sale across the entire Perth metropolitan area. To put this figure into perspective, this is a 1.2 per cent drop from the previous week and a slight decrease in house listings specifically.

However, the most telling statistic is the year-on-year comparison. Current listing levels are now 47.1 per cent lower than they were at this time last year.

For buyers, this creates a “pressure cooker” environment. With nearly half the stock available compared to a year ago, competition for quality homes is fierce. We are seeing shorter days on market and strong attendance at home opens, as buyers move quickly to avoid missing out.

Highs, Lows, and Hotspots

The diversity of the Perth market was on full display last week. We saw the premium end of the market holding strong with the week’s highest sale recorded in South Perth for $5.3 million. At the other end of the spectrum, the entry-level market remains accessible compared to the east coast, with the lowest sale recorded in Kingsley for $350,000.

In terms of volume, the suburbs leading the charge are those offering a balance of affordability and lifestyle connectivity. Gosnells topped the list with 16 sales, followed closely by Mandurah (15), Canning Vale (14), Rivervale (14), and Scarborough (14). The inclusion of Scarborough in the top five highlights that demand isn’t just limited to outer growth corridors; coastal lifestyle locations remain high on buyers’ wish lists.

A Shift in the Rental Market?

For tenants, the news is a mix of continuity and slight relief. The number of properties available for rent ticked upward last week, finishing at 2,257 listings.

This represents a 4.1 per cent increase on the previous week and is actually 1.0 per cent higher than levels seen a year ago. While we aren’t seeing a flood of rental stock, any increase in availability is a positive sign for tenants seeking a home.

However, leasing activity dipped slightly, with 649 properties leased (down 6.1 per cent from the previous week). The top suburbs for rental activity mirrored the sales market’s diversity, with Perth, Baldivis, East Perth, Alkimos, and Como taking out the top spots.

What Does This Mean for You?

The data sends a clear message to sellers: the window of opportunity is wide open.

With sales volume rising and competition decreasing due to low stock levels, your property has a high chance of standing out in the current market. Buyers are active, finance-approved, and waiting for the right home to list.

If you have been considering making a move, or simply want to understand where your property sits in this fast-paced environment, reach out to our team today. In a market moving this fast, having the right advice makes all the difference.