Welcome to your weekly Perth property market update!

This week’s data from REIWA paints a dynamic picture of the Perth real estate landscape, with significant growth in sales and a noticeable tightening of available listings. Let’s dive into the key highlights:

Sales Market Heats Up

• Significant Sales Growth: We’ve seen a robust 15.4% increase in sales transactions across Perth compared to the previous week, with REIWA members reporting a total of 1,079 sales.
• Breakdown of Sales:
  • House sales led the charge, jumping by 16.6%.
  • Unit sales also saw a healthy increase of 10.4%.
  • Land sales experienced the most substantial growth, rising by 20.5%.
• Top Performing Sales Suburbs:
  • Baldivis topped the list with 19 sales.
  • Gosnells and Perth both recorded 16 sales.
  • East Perth and Mandurah each saw 14 sales.
• Notable Sales:
  • The highest sale price was achieved in Wembley Downs, at a remarkable $3,250,000.
  • The lowest sale price was recorded in Wembley, at $410,000.

Listings Tighten Across the Board

• Decreasing Available Properties: The total number of properties for sale in Perth has decreased by 5.1% compared to the previous week, with 4,829 properties available.
• Listing Breakdown:
  • House listings decreased by 4.3%.
  • Unit listings saw a 7.3% drop.
  • Vacant land listings decreased by 4.7%.
• Year-on-Year Comparison: While current listings are similar to four weeks ago, they are 21.9% higher than levels seen a year ago.

Rental Market Remains Steady

• Stable Rental Listings: The number of properties available for rent in Perth remained relatively stable, with 2,016 listings, similar to the previous week.
• Rental Listing Trends:
  • Rental listings are 5.9% lower than four weeks ago.
  • Rental listings are 19.8% higher than a year ago.
• Top Performing Rental Suburbs:
  • Baldivis led with 20 rentals.
  • East Perth followed with 19 rentals.
  • Perth recorded 16 rentals.
  • Armadale recorded 15 rentals.
  • Maylands recorded 13 rentals.
• Leasing Activity: REIWA members reported 690 properties leased last week, a 2% decrease from the previous week. However, this figure is 5.5% higher than four weeks ago and 16.2% higher than a year ago.

What This Means for You

• Sellers: The strong sales figures and tightening listings indicate a favorable market for sellers. Consider capitalizing on the current demand.
• Buyers: With listings decreasing, it’s crucial to act quickly and be prepared in a competitive market.
• Investors: The rental market remains active, with consistent leasing activity.

Stay tuned for our next update as we continue to monitor the Perth property market. If you have any questions or are considering buying, selling, or renting, please don’t hesitate to contact our experienced team.