This week’s data reveals a dynamic and fast-moving Perth property market, with a significant surge in sales activity and a continued tightening of available listings. Here’s a breakdown of the key trends you need to know.

Sales Transactions Experience a Major Boost

The Perth market was buzzing with activity last week, as sales transactions jumped by an impressive 13.9%. Our fellow REIWA members reported a total of 887 sales, showcasing strong buyer confidence across the board.

When we look closer, the growth is widespread:

  • House sales increased by 7.7%
  • Unit sales saw an 8.3% rise
  • Land sales skyrocketed by a remarkable 67.1%

The suburbs leading the charge in sales activity were:

  • Maylands (15)
  • Perth (14)
  • Balga (13)
  • East Perth (13)
  • Rockingham (13)

The market catered to all ends of the spectrum, with the highest sale recorded in South Perth at $2,950,000 and the most accessible sale in Furnissdale at $289,000.

Available Properties for Sale Continue to Decline

On the supply side, the number of properties available for sale in Perth dipped again, finishing the week at 2,929. This is a 0.4% decrease from the week prior.

While listings for houses and units saw minor increases (1.4% and 1.8% respectively), a sharp 9.4% drop in available land for sale drove the overall figure down.

Looking at the bigger picture, the trend is clear: supply remains tight. The total number of properties for sale is 6.9% lower than four weeks ago and a substantial 26.9% lower than this time last year. For sellers, this highlights a fantastic opportunity to stand out in a market with limited competition.

A Snapshot of the Perth Rental Market

Perth’s rental market remains competitive. The number of available properties for rent decreased by 1.3% last week to 2,121. While this is 5.1% lower than a month ago, it’s interesting to note that rental stock is actually 4.4% higher than it was a year ago.

The most in-demand suburbs for renters last week were:

  • Baldivis (29)
  • East Perth (20)
  • Perth (17)
  • Maylands (15)
  • Alkimos (14)

Leasing activity saw 674 properties leased, which is a slight dip from the previous week but represents a 7.7% increase compared to the same period last year, indicating sustained demand from tenants.

What Does This Mean for You?

Whether you are buying, selling, or investing, these figures point to a robust market with high demand and limited supply. Navigating these conditions requires expert guidance. If you’d like to discuss how you can make the most of the current market, please get in touch with our team today!