The Perth property market is showing strong signs of activity in the week ending 22 December 2024. This week’s data reveals a market bustling with buyers and sellers, with some key trends emerging that you should be aware of.
Sales Activity on the Rise:
Overall sales transactions in Perth jumped by 1.6% last week, with a total of 896 properties changing hands. This positive movement is being fueled primarily by a surge in house sales, which saw a healthy 7.7% increase. While unit sales dipped slightly (-1.0%) and land sales saw a significant decrease (-34.5%), the overall picture is one of increased market activity.
Competition Heats Up in Key Suburbs:
Several suburbs are proving to be particularly popular with buyers. Perth and Scarborough led the pack with 17 sales each, followed closely by Baldivis (13), Rockingham (12), and Armadale (11). If you’re looking to buy or sell in these areas, be prepared for a competitive market. For those seeking luxury, Inglewood saw the highest sale price last week at $1,500,000, while Yokine offered the most affordable entry point at $340,000.
Inventory Tightens, Putting Pressure on Buyers:
The number of properties available for sale in Perth continues to decline, with listings down 9.8% last week to just 4,816 properties. This drop is mainly attributed to fewer houses (-11.7%) and units (-9.2%) coming onto the market. While inventory is still 21.1% higher than a year ago, the current trend of decreasing listings suggests a tightening market. Buyers will need to act quickly, and sellers may find themselves in a strong negotiating position.
Rental Market Remains Competitive:
The rental market in Perth also remains tight, with available properties for rent dropping by 14.8% to 1,889 last week. Demand remains strong, as evidenced by a 26.1% increase in leased properties compared to the previous week. Baldivis, Perth, East Perth, Maylands, and Como are the hottest suburbs for rentals, reflecting the high demand for rental properties across various parts of the city.
Key Takeaways:
- For Sellers: The current market conditions, particularly the decrease in available houses for sale, present a favorable opportunity to sell your property. Strong sales activity and a competitive environment suggest you could achieve a good price.
- For Buyers: Be prepared to move quickly and decisively. Inventory is shrinking, and competition is increasing, particularly in high-demand suburbs. Having your finances in order and a clear understanding of your needs will be crucial.
- For Renters: The rental market remains challenging with low inventory and high demand. Be prepared to act quickly when a suitable property becomes available.
The Bottom Line:
The Perth property market is exhibiting signs of strength and increased activity. Whether you’re buying, selling, or renting, staying informed about market trends is crucial. Contact us today to discuss your real estate needs and how we can help you navigate this dynamic market!