Is the Perth property market finally showing signs of a shift? While the headlines might suggest a cooling off in transaction volumes, a deeper look at the latest data reveals a complex, evolving landscape for buyers, sellers, and investors alike.
According to the latest figures from REIWA, Perth recorded 827 transactions last week—a slight dip of 3.7% compared to the week prior. However, as any seasoned local real estate expert will tell you, the devil is always in the detail. From a surge in land sales to a notable uptick in available listings, here is everything you need to know about the current state of the Perth market.
Sales Activity: A Tale of Two Sectors
The slight decrease in overall transactions was largely driven by the residential sector. House sales saw a 9.9% decline, while unit sales dipped by 5.8%. In contrast, the land market experienced a significant spike, with sales soaring by 78.4%.
This suggests that while the “turnkey” market remains incredibly competitive, savvy buyers are increasingly looking toward vacant land to build their dream homes, potentially bypassed the fierce bidding wars seen in established suburbs.
Where is the Action? Top Performing Suburbs
Despite the overall dip, several suburbs showed remarkable resilience. The southern corridor remains a powerhouse for activity, with Rockingham and Baldivis leading the charge.
| Suburb | Weekly Sales |
| Rockingham | 14 |
| Baldivis | 13 |
| Perth (City) | 13 |
| Byford | 12 |
| Rivervale | 11 |
From the coastal lifestyle of Rockingham to the urban convenience of Rivervale, buyers are clearly prioritizing value and connectivity. At the premium end of the scale, we saw a staggering $6,700,000 sale in Attadale, while the entry-level market remains accessible with a $450,000 unit sale in Victoria Park.
Inventory Watch: Is Supply Finally Catching Up?
For months, the story of Perth real estate has been “low stock.” However, last week provided a glimmer of hope for frustrated buyers. There were 2,867 properties for sale at the end of the week—a 4.1% increase from the week before.
This boost in choice was fueled by:
- A 6.7% increase in house listings.
- A 2.1% increase in unit listings.
While it is encouraging to see listings rise 13.5% compared to four weeks ago, we are still operating in a historically tight market. Current inventory levels remain 42.3% lower than this time last year. For sellers, this means demand still vastly outweighs supply, keeping price pressure firmly on the upside.
The Perth Rental Market: Challenges and Opportunities
The rental sector continues to be a point of discussion for investors and tenants. Last week, rental listings rose by 3% to 1,936 properties. While more choice for tenants is always welcome, this figure is still 7.2% lower than a year ago, reflecting the ongoing tightness in the WA rental market.
Leasing Activity
REIWA members reported 576 properties leased last week. While this is a 13.3% drop from the previous week, it is important to note that leasing activity is actually 5.9% higher than this time last year. This indicates that while the pace of new leases fluctuates, the underlying demand for rental accommodation remains robust.
Top Suburbs for Rentals:
- Perth: 15 properties leased
- Claremont: 10 properties leased
- Baldivis: 9 properties leased
- Mount Lawley: 9 properties leased
- Scarborough: 9 properties leased
What Does This Mean for You?
For Sellers: While listings are creeping up, they are still nearly 50% lower than last year. The “window of opportunity” remains wide open to achieve a premium price, especially in high-demand pockets like the southern corridor and the inner city.
For Buyers: The 4.1% increase in listings is the “breathing room” you’ve been waiting for. With house listings specifically on the rise, now is the time to have your finances ready and your alerts turned on.
For Investors: The rental market remains tight, and with leasing activity up year-on-year, yields remain attractive. Suburbs like Baldivis continue to show strength in both sales and rentals, marking them as prime areas for long-term growth.
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