Welcome to our latest market update, where we break down the key trends in Perth’s real estate scene. Keeping you informed is our priority, so let’s dive into the numbers from last week.

Overall, sales transactions in Perth saw a decrease of 7.5% compared to the previous week, with a total of 911 transactions reported by REIWA members. However, a closer inspection reveals a more nuanced picture. Sales for houses experienced a healthy rise of 4.8%, and unit sales also saw a positive uptick of 1.6%. The most significant shift was in land sales, which recorded a substantial decrease of 61.8%.

Top Performing Suburbs for Sales

Several suburbs stood out for their sales activity last week:

• Balga led the way with 18 sales.
• East Perth, Gosnells, and Perth (the CBD and surrounding areas) each recorded 14 sales.
• Morley rounded out the top performers with 12 sales.

In terms of property values, the highest sale price achieved in Perth last week was a notable $3,175,000 in the coastal suburb of North Beach. At the other end of the spectrum, the most accessible sale was in Kenwick for $415,000.

Property Listings Update

The number of properties available for sale in Perth remained relatively stable at the end of last week, with 4,795 listings. This stability is primarily due to house and unit listings holding steady, while listings for vacant land saw a slight increase of 1.8%.

Looking at the broader trends, the current number of properties for sale is 3.8% lower than it was four weeks ago. However, when we compare it to the same time last year, there’s a significant 35.7% increase in available stock, offering more choice to potential buyers.

Perth’s Rental Market Snapshot

Shifting our focus to the rental market, there were 2,325 properties available for rent in Perth at the end of last week, according to REIWA members. This represents a small increase of 1.2% from the week prior.

The current rental listings are 2.7% higher than four weeks ago and 2.9% higher than this time last year, suggesting a slight easing in rental availability.

Top Performing Suburbs for Rentals

The following suburbs were hotspots for rental activity last week:

• Baldivis saw the highest number of leases with 22.
• East Perth and Perth were also busy, each with 20 properties rented.
• Alkimos had 16 properties leased.
• Armadale reported 14 leased properties.

In terms of leasing activity, REIWA members reported 702 properties were leased last week. This figure is similar to the previous week, indicating consistent demand. Encouragingly, this is 2.9% higher than four weeks ago and a significant 10.9% higher than the same period last year, demonstrating a robust rental market.

Stay Informed

Whether you’re looking to buy, sell, or rent, understanding the latest market movements is crucial. We hope this update provides valuable insights into the current Perth real estate landscape. For a more personalised discussion about your property goals, please don’t hesitate to contact our experienced team.