This past week in Perth has seen a dynamic shift in market activity, with a notable increase in sales transactions indicating strong buyer confidence. Meanwhile, a tightening of available properties for sale continues to shape the landscape for both buyers and sellers. Here’s our comprehensive wrap-up.

Sales Market Sees Significant Boost

The Perth property market was buzzing with activity last week, with our team at Holdsworth Real Estate and other REIWA members reporting a 4.1% increase in sales transactions compared to the previous week, culminating in 934 successful sales.

Drilling down into the numbers, the demand for houses remains robust, with house sales climbing by a significant 8%. In contrast, unit sales saw a temporary dip of 19.9%. The standout performer was the land sales sector, which experienced a remarkable 40% surge, signalling strong interest in building new homes across the metropolitan area.

This Week’s Top Performing Suburbs for Sales:

• Scarborough: 15
• Baldivis: 14
• Maylands: 13
• East Perth: 12
• Mandurah: 10

The premium end of the market demonstrated its strength with the week’s highest sale recorded in Claremont at an impressive $6,200,000. At the other end of the spectrum, the most accessible property sold was in West Perth for $325,000.

Available Properties for Sale Continue to Decline

For those considering selling, the current market dynamics are certainly in your favour. The total number of properties listed for sale in Perth fell by 1.7% last week, bringing the total to just 4,073. This figure is a substantial 14.1% lower than four weeks ago, indicating a rapidly absorbing market.

While the number of available properties is 25.2% higher than this time last year, the consistent week-on-week decline suggests that now is an opportune time for sellers to capitalise on reduced competition. This decrease was primarily driven by a 2.3% drop in house listings and a 1% fall in unit listings.

A Look at Perth’s Rental Market

In the rental sector, there was a slight easing for tenants, with the number of properties available for rent increasing by 4.8% to 2,426. This is a 1.8% increase compared to four weeks ago. However, the bigger picture reveals that rental stock is still 2.2% lower than a year ago, underscoring the ongoing high demand in the rental market.

Last week, a total of 657 properties were leased, a marginal 0.9% decrease from the previous week but a significant 9.1% higher than four weeks ago.

This Week’s Top Performing Suburbs for Rentals:

• East Perth: 24
• Perth: 19
• Scarborough: 19
• Baldivis: 18
• Maylands: 13

What This Means for You:

The current Perth property market presents a landscape of opportunity. For sellers, the combination of rising sales activity and diminishing stock levels creates a competitive environment that can lead to excellent sales outcomes. For buyers, it is crucial to be well-prepared and ready to act decisively when the right property becomes available. For investors, the continued strong demand in both the sales and rental markets reaffirms Perth’s position as a sound investment location.

Whether you are looking to buy, sell, or rent, our experienced team is here to provide you with the latest market insights and expert guidance. Contact us today for a confidential chat about your property ambitions.