Welcome to your weekly Perth property market update! This week, we’re seeing some fascinating trends emerge. Overall sales activity is on the rise, but the number of available properties for sale has taken another significant dip, pointing to a highly competitive market for buyers.

Let’s break down the key numbers from last week.

Sales Market: Activity Rises, Driven by Land and Units

The latest REIWA data highlights how overall sales transactions across Perth increased by 1.3% last week, with 830 properties changing hands.

While the headline number shows steady growth, the real story is in the detail:

  • Land Sales: Skyrocketed by a massive 23.4%.
  • Unit Sales: Saw healthy growth, rising 4.6%.
  • House Sales: Experienced a slight dip of 2.6% from the previous week.

This shift suggests that buyers are actively seeking opportunities in the unit and vacant land sectors, a trend we are watching closely.

This Week’s Sales Hotspots The most in-demand suburbs for sales last week were:

  • Perth (15 sales)
  • East Perth (14 sales)
  • Baldivis (13 sales)
  • Halls Head (12 sales)
  • Thornlie (12 sales)

The market showed its breadth with sales ranging from a stunning property in Dalkeith for $4,325,000 to an accessible unit in East Perth for $392,500.

Listings Analysis: Supply Shrinks Further, Creating Seller’s Advantage

The standout story for the week is the shrinking supply of properties for sale. The total number of listings in Perth dropped by a significant 5.2% in just one week, leaving only 2,981 properties on the market.

This tightening of supply is consistent across all property types:

  • House listings: Down 4.3%
  • Unit listings: Down 6.9%
  • Land listings: Down 5.7%

To put this in context, the total number of properties for sale is now 9.4% lower than four weeks ago and a substantial 18.1% lower than this time last year.

Perth’s Rental Market: Demand Remains Strong

In the rental space, the number of available properties held steady week-on-week at 2,233. While this figure is 2% higher than a year ago, the market remains tight, with stock levels 4.2% lower than a month ago.

Tenant demand continues to be robust. While leasing activity dipped slightly by 3.8% compared to the previous week, the bigger picture shows that leasing numbers are 4.8% higher than they were at the same time last year.

This Week’s Top Rental Suburbs The suburbs with the highest rental activity were:

  • Perth (24 leases)
  • Baldivis (21 leases)
  • Maylands (15 leases)
  • Subiaco (15 leases)
  • East Perth (12 leases)

What This Means For You

  • For Sellers: The continued decline in property listings is excellent news. With fewer competing properties on the market, now is a prime opportunity to list your home and stand out to the large pool of active buyers.
  • For Buyers: The market is competitive. With stock levels this low, it’s crucial to have your finances in order and be ready to act decisively. The surge in unit and land sales suggests these areas may offer more opportunities.
  • For Landlords: The rental market remains strong and stable. Consistent tenant demand, evidenced by leasing activity being higher than last year, points to a healthy outlook for your investment property.

Whether you’re thinking of buying, selling, or leasing, navigating a market like this requires expert guidance. Contact our team today for a personalised strategy to help you achieve your property goals.