It’s time for our weekly Perth market update, bringing you the latest insights and trends in the local real estate scene. Here’s the rundown:
Sales Transactions:
Overall sales dipped slightly last week, down 2.4% with 988 transactions reported by REIWA members. A closer look reveals:
- Houses: Sales remained steady.
- Units: Experienced a significant drop of 21.5%.
- Land: Showed strong growth with a 50% increase in sales.
Hot Suburbs for Sales:
Baldivis and Perth led the pack for sales, followed by Scarborough, East Perth, and Halls Head.
- Baldivis – 17
- Perth – 16
- Scarborough – 14
- East Perth – 12
- Halls Head – 12
Notable Sales:
- Highest: A property in Applecross fetched an impressive $4,300,000.
- Lowest: A home in Wembley sold for $300,000.
Properties for Sale:
Listings increased last week, reaching 5,193 properties – a 3.9% rise. This was mainly driven by a surge in house (4.4%) and unit (4%) listings.
Rental Market:
- Listings: Rental listings continue to climb, with 2,047 properties available – a 5.5% weekly increase.
- Leasing Activity: Lease numbers were down slightly, but remain higher than this time last year.
Top Rental Suburbs:
Perth topped the list for rental activity, followed by Baldivis, East Perth, Gosnells, and Byford.
- Perth – 20
- Baldivis – 16
- East Perth – 13
- Gosnells – 12
- Byford – 10
Key Takeaways:
- The Perth market remains dynamic with some interesting shifts.
- Houses continue to be a strong performer.
- The unit market is experiencing some fluctuations.
- The rental market favors landlords with increasing listings and strong demand.
Stay Tuned:
We’ll be back next week with another market update. In the meantime, feel free to contact us for any of your real estate needs. Whether you’re buying, selling, or renting, our team is here to help you navigate the Perth property market.