Sales Activity Continues to Rise
The Perth real estate market demonstrated renewed vigor last week, with sales transactions surging 7% compared to the previous week. REIWA members reported a total of 877 transactions, indicating a growing interest from buyers. While house sales remained stable, unit sales and land sales experienced notable increases, suggesting a diversified market.
Top-Performing Suburbs
Baldivis, Scarborough, South Perth, Como, and Canning Vale continued to be the top-performing suburbs in terms of sales activity. This highlights the sustained demand for properties in these areas, driven by factors such as lifestyle amenities, infrastructure, and proximity to key locations.
Property Listings on the Rise
The number of properties available for sale in Perth increased slightly by 3.2% last week, reflecting a growing supply. House listings rose by 5.3%, and unit listings increased by 3%, while vacant land listings declined by 4.6%. Although the total number of properties available for sale is 13.4% higher than four weeks ago, it remains 26.1% lower than levels seen a year ago, indicating a still-competitive market.
Rental Market Remains Strong
The rental market in Perth showed signs of stability, with 2,158 properties available for rent at the end of last week. While this represents a slight 1.5% decline compared to the previous week, it’s important to note that rental listings are 11% lower than four weeks ago and 31% higher than a year ago. This suggests a strong rental market with consistent demand.
Leases Signed
REIWA members reported 637 properties leased last week, a 6.9% decrease compared to the previous week. However, this figure is still 9.3% lower than four weeks ago and 13.1% higher than a year ago. Despite the slight dip, the overall rental market remains robust, indicating a healthy demand for rental properties in Perth.
Overall Outlook
While the Perth real estate market has experienced some fluctuations, the overall trend remains positive. The increase in sales transactions, coupled with the growing number of properties available for sale, suggests a healthy market with a balance of supply and demand. The continued strong performance of certain suburbs and the stable rental market further reinforce the optimism surrounding Perth’s real estate sector. As we move forward, it’s anticipated that the market will continue to evolve, driven by economic factors, population growth, and changing buyer preferences.