Great news for the Perth property market! We saw a significant jump in sales transactions last week, signaling a busy and dynamic period for buyers and sellers. Here’s a quick rundown of what’s been happening:

Sales Market Heats Up

Perth’s property market experienced a notable 10.8% increase in sales transactions compared to the previous week, with a total of 1,017 properties changing hands. This surge was seen across all property types:

• Houses: Sales were up by 10.4%.
• Units: We saw a 9.8% increase in unit sales.
• Land: Vacant land sales saw the most significant jump, with a 19% increase.

Where’s the Action Happening?

Our top-performing suburbs for sales last week were:

1. Baldivis: Leading the pack with 25 sales.
2. Perth: A strong contender with 17 sales.
3. South Perth: Following closely with 14 sales.
4. East Perth: Saw 13 successful transactions.
5. Balga: Rounding out the top five with 12 sales.

It’s clear that buyer interest is spread across various areas, offering opportunities in both established and developing suburbs.

Price Points Across Perth

Last week saw a wide range of sale prices, reflecting the diverse property landscape in our city. The highest sale recorded was an impressive $2,900,000 in the sought-after suburb of Claremont, while the most affordable entry point was $392,000 in Pinjarra.

Listings Update

While sales activity is up, the number of properties available for sale has seen a slight dip. At the end of last week, there were 4,546 properties listed for sale, a 4.2% decrease from the previous week. This is mainly due to a 6.4% drop in house listings, while unit and land listings remained relatively steady.

It’s worth noting that while current listing numbers are down slightly week-on-week, they are still 32.2% higher than this time last year, offering buyers a good selection to choose from.

Perth’s Rental Market Snapshot

The rental market in Perth remains active. Here’s a look at the key figures:

• Properties for Rent: 2,371 properties were available for rent last week, a figure similar to the previous week. This is slightly higher than four weeks ago but 1.8% lower than a year ago.
• Top Rental Suburbs: The most in-demand rental suburbs last week were:
  1. Baldivis (21 leases)
  2. East Perth (18 leases)
  3. Perth (14 leases)
  4. Scarborough (13 leases)
  5. Maylands (12 leases)
• Leased Properties: We saw a significant 12.6% increase in the number of properties leased last week, with 680 homes finding new tenants. This is a substantial 47.8% higher than four weeks ago and consistent with rental activity this time last year.

What This Means for You

For sellers, the current increase in sales activity and decrease in listings could present an opportune time to enter the market. For buyers, while competition might be slightly higher, the year-on-year increase in available properties means there’s still a good range of options. In the rental market, the steady demand highlights the ongoing need for quality rental properties.

Whether you’re looking to buy, sell, or lease, our team is here to provide you with expert advice and guidance tailored to your specific needs. Get in touch with us today to discuss how you can make the most of the current Perth property market!