Hello Perth property enthusiasts!
Last week brought a unique combination of factors influencing the market: two public holidays coinciding with school holidays. As expected, this led to a noticeable breather in transaction activity across the Perth metropolitan area. Let’s dive into the latest figures reported by REIWA members to see what unfolded.
Sales Market Snapshot
The holiday effect was clear in the sales numbers. We saw a total of 564 transactions reported last week, marking a significant 36.3% decrease compared to the week prior.
Here’s how it broke down by property type:
- House Sales: Experienced the largest dip, down 38.9% week-on-week.
- Unit Sales: Also saw a considerable decrease, down 34.2% from the previous week.
- Land Sales: Showed more resilience, declining by a smaller 10.6%.
Despite the overall slowdown, activity remained concentrated in several popular areas.
Top Performing Suburbs for Sales (Last Week)
- Perth (12 sales)
- Baldivis (10 sales)
- Burswood (9 sales)
- Rockingham (9 sales)
- Aveley (8 sales)
We also saw a broad range in sale prices, with the highest reported sale last week being a property in Burswood fetching $1,400,000, while the lowest reported was in Inglewood at $512,500.
Listings: More Choice for Buyers?
Interestingly, while sales activity decreased, the number of properties available for sale actually increased. At the end of last week, there were 4,764 properties listed for sale in Perth, up 2.9% from the previous week.
- House Listings: Increased by 4.1%.
- Unit Listings: Saw a modest rise of 1.4%.
- Vacant Land Listings: Remained relatively stable.
Looking at the bigger picture, while current listing levels are 6.4% lower than four weeks ago, they are substantially higher – 30.8% higher – than this time last year, offering more options for buyers compared to 12 months ago.
Perth’s Rental Market Update
Shifting to the rental scene, availability also saw a slight increase.
- Properties For Rent: Reached 2,282 listings by the end of last week, up 1.6% week-on-week.
- Trend Comparison: This figure is 8% higher than four weeks ago and 8.9% higher than a year ago, suggesting a gradual easing in rental stock compared to previous periods.
Top Performing Suburbs for Rentals (Leased Last Week)
- Baldivis (17 leases)
- Scarborough (11 leases)
- Perth (9 leases)
- Rivervale (8 leases)
- South Perth (8 leases)
However, similar to the sales market, leasing activity also slowed due to the holidays. REIWA members reported 463 properties leased, a decrease of 20.4% from the previous week. This figure is also down 36.3% compared to four weeks ago and 18.8% lower than a year ago.
What Does This Mean?
Last week’s figures clearly demonstrate the short-term impact holidays can have on market activity levels. The dip in both sales and leasing volume is largely attributable to the reduced number of business days and general holiday distractions.
However, the increase in properties listed for both sale and rent suggests underlying market dynamics continue. The year-on-year increase in sales listings is particularly noteworthy for buyers.
It will be interesting to observe how activity rebounds now that the holidays are behind us.
Thinking of Making a Move?
Whether you’re looking to buy, sell, invest, or find your next rental home, understanding these market shifts is crucial. Our team is here to provide expert advice tailored to your specific needs in the current Perth market.
Get in touch with Holdsworth Real Estate today for a no-obligation chat!