Welcome to your latest Perth real estate market snapshot! Keeping you informed is our priority, and this week’s data from REIWA reveals some interesting shifts in activity across both the sales and rental markets.
Sales Market Sees Significant Boost
The big news last week was a notable surge in sales activity. Across Perth, our fellow REIWA members reported 1,019 property transactions, marking a significant 14.9% increase compared to the previous week.
Let’s break down where the action was:
- Houses: Sales volume increased by a healthy 8.4%.
- Units: Saw even stronger growth, jumping 21.6%.
- Land: Experienced a dramatic surge, with sales up a massive 88.6% week-on-week, indicating strong interest in building.
Where are Buyers Most Active?
The suburbs drawing the most buyer attention last week were:
- East Perth: 23 sales
- Scarborough: 14 sales
- Gosnells: 13 sales
- Rockingham: 13 sales
- Canning Vale: 12 sales
Price points varied across the metro area, with the highest recorded sale fetching $2,242,500 in Como, while entry-level opportunities were secured in Glendalough and Gosnells at $340,000.
Listings Update: Fewer Properties For Sale Last Week, But More Choice Than Last Year
While sales activity increased, the number of properties available for sale saw a slight dip. At the end of last week, there were 5,091 properties listed for sale in Perth, down 0.9% from the week prior.
- House listings decreased by 0.9%.
- Unit listings decreased by 1.1%.
- Vacant land listings remained relatively stable.
However, looking at the bigger picture, choice for buyers has improved significantly over the longer term. Current listing levels are 5.4% higher than four weeks ago and a substantial 41.8% higher than this time last year. This suggests more options are gradually coming onto the market compared to the very tight conditions seen previously.
Perth’s Rental Market: Demand Remains High
Activity was also strong in the rental sector.
- Available Rentals: At the end of last week, 2,112 properties were available for rent, a slight decrease of 1.8% from the previous week. While still tight, this is 4.8% higher than four weeks ago and 14.2% higher than a year ago, offering slightly more options for tenants compared to last year.
- Leasing Activity: Demand remains robust, with 737 properties leased last week. This is an 11.5% increase from the week before and a significant 43.4% higher than the same week last year, highlighting the ongoing strong demand for rental accommodation.
Top Suburbs for Rental Activity:
- Perth: 28 leases
- Maylands: 24 leases
- Baldivis: 20 leases
- Scarborough: 19 leases
- East Perth: 15 leases
What Does This Mean For You?
Last week showed strong buyer confidence, particularly in the unit and land sectors. While the total number of homes for sale dipped slightly week-on-week, the year-on-year comparison shows significantly more choice for buyers than twelve months ago. The rental market remains competitive with high leasing volumes despite a slight increase in available stock compared to last year.
Thinking of Buying, Selling, or Leasing?
Understanding these market dynamics is key to making informed decisions. Whether you’re looking to buy your first home, sell your current property, invest, or find the perfect rental, our team is here to help you navigate the current Perth market.
Contact Holdsworth Real Estate today for personalised advice and expert guidance!