Welcome back to your regular Perth property market update from the team at Holdsworth Real Estate! Staying informed about the latest trends is crucial whether you’re looking to buy, sell, invest, or rent. Here’s a snapshot of the key activity across Perth for the past week, based on data reported by REIWA members.
Sales Market Insights: Houses Lead the Way
Overall sales transactions saw a slight dip last week, down 4% to 903 recorded sales compared to the week prior. However, digging into the details reveals a mixed picture:
- Houses: Demand remains solid, with house sales increasing by 4.9%.
- Units: Activity cooled significantly, with unit sales down 26.5%.
- Land: Sales of vacant land also softened, decreasing by 16.7%.
This highlights the continued preference for detached housing in the current market.
Where’s the Action? Top Selling Suburbs
Buyer activity was strongest in these areas last week:
- Baldivis (19 sales)
- Byford (14 sales)
- Gosnells (12 sales)
- Nollamara (12 sales)
- Perth (12 sales)
Interestingly, the highest sale price recorded was $2,600,000 in Wembley, while the most affordable transaction was also in Wembley at $355,000, showcasing the diversity within suburbs.
Listings Update: More Choice for Buyers
Good news for buyers searching for their next home! The total number of properties available for sale in Perth increased by 1.8% last week, bringing the total to 5,138. This growth was seen across all property types:
- House listings: Up 1.1%
- Unit listings: Up 2.3%
- Vacant land listings: Up 4.4%
Perhaps most significantly, the total number of properties for sale is now 29.9% higher than this time last year. This increase in stock provides buyers with more options and may slightly ease the competitive pressure seen previously. Compared to four weeks ago, stock levels are up 1%.
Perth’s Rental Market: Stock Rises, Leasing Remains Active
In the rental sector, the number of properties advertised for rent saw a small increase of 1% last week, reaching 2,151 listings.
- Compared to four weeks ago, available rental listings are up 6.3%.
- Year-on-year, there are 16.9% more rental properties available, offering some welcome relief for tenants searching for a home.
Despite the increase in available stock, leasing activity was robust. REIWA members reported 663 properties leased last week, a jump of 6.3% compared to the previous week and 5.1% higher than the same week last year.
Top Suburbs for Renters Last Week
- Perth (26 leases)
- Baldivis (16 leases)
- East Perth (16 leases)
- South Perth (15 leases)
- Bassendean (11 leases)
What Does This Mean For You?
The Perth market continues to evolve. While house sales remain strong, the overall increase in sales listings offers buyers more choice than they’ve had in the past year. In the rental market, while stock levels are improving year-on-year, strong leasing activity shows that demand remains high.
Thinking of making a move? Whether you’re buying, selling, or navigating the rental market, understanding these local trends is vital. For expert advice tailored to your specific needs and suburb, contact the experienced team at Holdsworth Real Estate today. We’re here to help you achieve your property goals.