It was a mixed bag in the Perth property market last week, with overall sales transactions dipping slightly while listings continued their upward climb. Let’s dive into the details:

Sales:

• Overall sales were down 1.9% compared to the previous week, with 958 transactions recorded.
• Bucking the trend, house sales saw a 2.2% increase, and unit sales jumped by a healthy 14.4%.
• Land sales took a significant tumble, down 62.6% for the week.

Hot Suburbs:

The top suburbs for sales last week were:

1. Baldivis (22)
2. Perth (18)
3. Scarborough (15)
4. Como (14)
5. Armadale (13)

Price Points:

• The highest sale price recorded in Perth was a cool $2,315,000 in Doubleview.
• The most affordable sale was in Hilbert, with a property changing hands for $275,000.

Listings on the Rise:

• The number of properties for sale in Perth rose again, up 4.6% to 5,433.
• This increase was driven by a 5.3% rise in house listings, a 1.7% increase in unit listings, and a 7.3% jump in vacant land listings.
• Current listing levels are 14.4% higher than four weeks ago and 10.4% higher than this time last year.

Rental Market:

• Rental listings also increased, with 2,142 properties available at the end of last week – a 4.6% rise.
• This represents a 9.6% increase compared to four weeks ago and a 12.5% jump year-on-year.

Rental Hotspots:

Tenants were most active in these suburbs:

1. Baldivis (25)
2. Perth (21)
3. East Perth (11)
4. Rivervale (11)
5. Scarborough (11)

Leasing Activity:

• REIWA members reported 616 properties leased last week, a 7.7% increase on the previous week.
• Leasing activity is also up 1.7% compared to four weeks ago and a solid 7.3% higher than a year ago.

What does this mean for you?

• Buyers: While overall sales are down, increased choice and potentially less competition could be a win.
• Sellers: More listings mean more competition, so make sure your property stands out from the crowd.
• Investors: The rental market remains strong, with high demand and increasing rents.

Stay tuned for further updates and insights into the Perth property market!