Exciting news for the Perth property market! Last week saw a significant surge in activity, with sales transactions jumping an impressive 79.3% compared to the previous week. Our colleagues at REIWA reported a busy 997 transactions, indicating strong buyer confidence and movement in the market.
Sales Market Heats Up
Let’s break down those sales figures:
- House sales saw a substantial increase of 63.6% compared to the prior week.
- Unit sales also experienced a healthy jump, up by 48.8%.
- The real standout was land sales, which skyrocketed by an incredible 316.7%! This suggests a strong appetite for building new homes in and around Perth.
Top Performing Suburbs for Sales:
It was a busy week across many suburbs, but these locations led the charge in sales transactions:
- East Perth – 17 sales
- Baldivis – 14 sales
- Aveley – 13 sales
- Canning Vale – 12 sales
- Perth (CBD and surrounds) – 12 sales
Price Spectrum:
The Perth market continues to cater to a wide range of budgets. Last week, the highest sale price recorded was an impressive $7,585,000 in the sought-after suburb of Claremont. At the other end of the spectrum, the most accessible sale was a property in Maylands, which sold for $290,000.
Properties on the Market:
At the end of last week, there were 4,753 properties listed for sale in Perth. This figure is quite similar to the previous week. Interestingly, when we look closer:
- House listings increased by 2.8%.
- Unit listings saw a slight decrease of 2.1%.
- Vacant land listings dropped by 9.6%, which, coupled with the surge in land sales, indicates high demand in this sector.
Overall, the total number of properties available for sale is 6.4% lower than four weeks ago. However, it’s worth noting that current listing levels are 33.8% higher than what we saw at the same time last year, offering more choice for buyers.
Perth’s Rental Market Snapshot
The rental market also saw some noteworthy activity. At the end of last week, REIWA members reported 2,298 properties available for rent in Perth, a figure largely consistent with the previous week.
Current rental listings are 2.7% higher than four weeks ago and 3.7% higher than this time last year, providing a little more breathing room for tenants.
Top Performing Suburbs for Rentals:
These suburbs were hotspots for rental activity last week:
- Baldivis – 19 properties leased
- East Perth – 18 properties leased
- Perth (CBD and surrounds) – 14 properties leased
- Alkimos – 12 properties leased
- Rivervale – 11 properties leased
Encouragingly, a total of 699 properties were leased last week. This is a significant 51.3% increase compared to the previous week. It’s also 13.1% higher than four weeks ago and 6.9% up on the same period last year, highlighting consistent demand in the rental sector.
What This Means for You
Whether you’re looking to buy, sell, or rent, this latest data indicates a dynamic and active Perth property market. The surge in sales, particularly for land, suggests strong underlying confidence. For sellers, increased activity can mean more potential buyers. For buyers, while competition might be up in some segments, the overall increase in listings compared to last year offers more options. In the rental market, the steady availability of properties and increased leasing activity points to a healthy turnover.
Thinking of making a move? The team at Holdsworth Real Estate is here to help you navigate the current market conditions. Contact us today for expert advice tailored to your property goals.