Welcome to our weekly Perth real estate market wrap-up. This week’s data reveals a dynamic market with shifting buyer preferences and continuously tight stock levels across both sales and rentals. Here’s everything you need to know.
Sales Snapshot: Units and Land Take the Spotlight
Overall sales transactions in Perth saw a minor adjustment last week, decreasing by 2.9%
with a total of 776 properties sold.
The most compelling story lies in the breakdown of what’s selling. While house sales experienced a temporary dip of 10.5%
, demand surged for other property types. Unit sales jumped significantly by 13.1%
, and land sales saw an impressive increase of 24.7%
. This shift indicates that buyers are actively exploring a wider range of opportunities to secure their place in the market.
Top 5 Performing Sales Suburbs:
- Baldivis: 19 sales
- Armadale: 13 sales
- Como: 13 sales
- Cockburn Central: 11 sales
- Gosnells: 11 sales
The market demonstrated its full spectrum last week, with the highest sale recorded at $2,362,000
in Woodlands and the most accessible at $450,000
in Mandurah.
Listings Lowdown: Supply Remains Tight
The squeeze on available properties continues, with the total number of homes for sale in Perth dropping to 3,373 at the end of last week – a 1.3%
decrease from the week prior.
This tightening was consistent across the board, with listings for houses down 0.8%
, units down 2.6%
, and vacant land down 1.4%
.
Putting this in perspective, total listing volumes are now 15.1%
lower than they were just four weeks ago. However, when compared to this time last year, stock levels are 2.7%
higher, offering a small glimmer of hope for buyers seeking more choice.
Rental Roundup: Competition Heats Up
Perth’s rental market remains highly competitive. The number of available rental properties fell again last week by 2.4%
, leaving just 2,399 homes available for rent. This figure is now 4.3%
lower than the same time last year, highlighting the ongoing challenge for tenants.
Despite fewer options, leasing activity is strong. A total of 703 properties were leased last week. While this is a 6.9%
drop from the previous week, it represents a 1.7%
increase compared to a year ago, proving that tenant demand is as persistent as ever.
Top 5 Performing Rental Suburbs:
- Perth: 24 leases
- Baldivis: 20 leases
- East Perth: 16 leases
- Scarborough: 15 leases
- Eglinton: 13 leases
Our Analysis
This week’s data shows a resilient and adaptable Perth market. Low inventory continues to create a competitive environment for both sales and rentals. The notable rise in unit and land sales suggests buyers are strategically adjusting their searches to find value and opportunity.
In a market moving this quickly, having an expert on your side is essential. Whether you are thinking of selling, buying, or require professional management for your investment property, our team has the up-to-the-minute knowledge to guide you.
Contact us today for a confidential discussion about how we can help you achieve your property goals.