Welcome to this week’s Perth property market update. We’ve seen some interesting movements in both sales and rentals, so let’s dive right in.
Sales Market Sees Positive Movement
The Perth sales market showed positive signs last week, with overall transaction numbers increasing by 2.5% compared to the previous week. REIWA members reported a total of 1,038 transactions. Breaking this down further:
- House sales: Up 2.0%
- Unit sales: Up a significant 5.6%
- Land sales: Down 2.2%
Top Performing Suburbs (Sales):
- Baldivis: 19 sales
- Scarborough: 18 sales
- Perth: 15 sales
- Rivervale: 15 sales
- Gosnells: 14 sales
We also saw a range of activity at the top and bottom ends of the market:
- Highest sale price: Hillarys – $2,050,000
- Lowest sale price: Glendalough – $289,000
Listings Continue to Tighten
Available properties for sale decreased by 1.8% last week, with a total of 5,558 properties on the market. This decrease is primarily due to:
- House listings: Down 1.5%
- Unit listings: Down 4.3%
- Vacant land listings: Up 1.7%
While listings have tightened week-on-week, it’s important to note that we’re still seeing higher overall stock levels compared to previous periods. Current listings are:
- 7.0% higher than four weeks ago
- 17.5% higher than a year ago
This suggests that while the market is active, buyers still have more choice than they did in previous years.
Rental Market Update: Listings on the Rise
The Perth rental market saw an increase in available properties, with 2,257 properties for rent at the end of last week—a 2.6% increase from the previous week. This upward trend is also reflected in longer-term figures:
- 10.3% higher than four weeks ago
- 14.6% higher than a year ago
Top Performing Suburbs (Rentals):
- Baldivis: 22 rentals
- Perth: 22 rentals
- East Perth: 17 rentals
- Canning Vale: 10 rentals
- West Perth: 10 rentals
Despite the increase in listings, the number of properties leased last week (645) was down 11.0% compared to the previous week. However, leasing activity remains:
- 13.0% higher than four weeks ago
- 0.9% higher than a year ago
What This Means for You
This week’s data paints a picture of a market with increasing sales activity and tightening stock levels in the sales sector, while the rental market shows an increase in available properties.
- For sellers: Now could be a good time to list your property, as demand is present and supply is relatively controlled.
- For buyers: It’s crucial to be prepared and act quickly in the current market.
If you’re considering buying, selling, or renting in Perth, our experienced team is here to help. Contact us today for expert advice and personalized service.