Sales Market
Perth’s property sales experienced a slight slowdown last week, with overall transactions dipping 1.1% compared to the previous week. While house sales cooled off by 7.5%, the unit market remained steady. However, there was a notable surge in land sales, jumping 70.4%.
Top-Performing Suburbs for Sales:
- Nollamara
- Ellenbrook
- Perth
- East Perth
- Armadale
The luxury end of the market saw a Claremont property claim the highest sale price at a hefty $5.1 million, while the most affordable sale was recorded in Perth at $375,000.
Inventory Update: The number of properties available for sale in Perth edged down by 0.6% last week, with a slight increase in unit listings offsetting declines in house and land listings. While property listings are up 3.9% compared to four weeks ago, they’re significantly lower than the same time last year, down 36.9%.
Rental Market
Perth’s rental market continues to show signs of tightening, with a marginal increase in rental listings last week. Despite this, the number of available rentals is still down 3% compared to four weeks ago and 34.4% lower than a year ago.
Top-Performing Suburbs for Rentals:
- Perth
- Baldivis
- East Perth
- Scarborough
- Rivervale
The rental market saw a slight decline in leased properties last week, with 637 rentals secured. While this is down 9.9% compared to the previous week, it’s still a positive 1.1% improvement over four weeks ago and 9.3% higher than the same time last year.
Overall, Perth’s property market continues to evolve. While sales have experienced a minor setback, the rental market remains tight, with strong demand outpacing supply. Land sales are showing significant growth, indicating potential opportunities for new developments.
Stay tuned for our next update to see how these trends unfold.