The Perth property market continues to be a fascinating study in contrasts. While headline figures might suggest a cooling off at first glance, a deeper dive into the most recent weekly data from REIWA reveals a market that remains incredibly active, highly competitive, and—for many—unpredictably resilient.
Whether you are looking to sell in Baldivis or secure a rental in the CBD, understanding these shifts is crucial for navigating the current landscape.
Sales Market: Decoding the “Down” 18.3%
At face value, the report that sales transactions were down 18.3% last week (with 790 transactions reported) might cause some concern. However, seasoned market observers know that weekly fluctuations often mask the underlying momentum. In fact, when we look at the specific property types, the story changes entirely.
House sales actually saw a significant 19% jump compared to the previous week. Units followed suit with a 17.4% increase, and land sales rose by 14.5%. This suggests that while the total volume of settled transactions may have dipped due to reporting cycles or administrative lags, the actual appetite for buying remains voracious.
The Hot Spots: Where is the Action?
Success in the Perth market is often suburb-specific. This week, we saw a tie for the top-performing sales suburbs, with Baldivis, Dianella, and Perth City all recording 11 sales each. Following closely behind were Rivervale (10) and Maylands (9).
The diversity in these top performers is telling. From the family-centric suburban appeal of Baldivis to the urban density of the CBD and Maylands, buyers are active across all sectors of the market.
From Luxury to Entry-Level
The price gap in Perth remains wide, offering opportunities at both ends of the spectrum:
- The Peak: Dalkeith took the crown for the highest sale price this week at a staggering $5,300,000, reminding us that the prestige market in the Western Suburbs remains robust.
- The Entry Point: On the other end, Dudley Park offered the week’s most affordable entry point at $362,500, highlighting that there are still pockets of value for first-home buyers and savvy investors.
Supply and Demand: The Listing Paradox
One of the most talked-about metrics in Western Australia is “Stock on Market.” We ended the week with 2,527 properties for sale, a 2.4% increase from the prior week.
While a 2.4% increase in listings sounds like breathing room, we must look at the bigger picture:
- Short-term: Listings are up 21.3% compared to four weeks ago.
- Long-term: Total listings are still 48.8% lower than they were this time last year.
We are essentially operating in a market with half the “normal” inventory of 12 months ago. This chronic undersupply is what continues to put upward pressure on prices, even as more sellers (encouraged by recent price growth) finally decide to list their homes. Interestingly, while house and unit listings rose, vacant land listings dropped by 5.9%, suggesting that the “ready to build” dream is becoming even harder to find.
The Rental Crunch: No Relief for Tenants
If the sales market is competitive, the rental market is outright intense. The number of properties available for rent dropped again last week to 2,007 units—a 2.6% decrease.
The trend is consistently downward: rental listings are nearly 8% lower than a month ago and 6.3% lower than last year. For tenants, this means high-speed decision-making and stiff competition. The “Top Performing” rental suburbs this week were led by Perth (24), East Perth (16), and Maylands (16), showing that the inner-city rental market is the current epicenter of activity.
A Silver Lining for Landlords?
While listings are down, leasing activity is up. A total of 772 properties were leased last week, representing a massive 27.6% increase over the previous week and a 55% jump compared to a month ago. This indicates that while there are fewer homes available, the ones that do hit the market are being snapped up almost instantly.
The Bottom Line
The Perth property market isn’t slowing down; it’s evolving. We are seeing a “normalization” of listings from record lows, yet we are still significantly undersupplied compared to historical averages. For sellers, the window remains wide open to achieve premium prices. For buyers and tenants, the message is clear: be prepared, be decisive, and have your finances or references ready to go.
In a market moving this fast, having a local expert in your corner isn’t just a luxury—it’s a necessity.
