Perth’s property market continues to show signs of strength, with last week’s sales figures demonstrating a clear upward trend.
Sales Market
- Sales Surge: The number of sales transactions jumped by 4.2% compared to the previous week, with a total of 871 properties changing hands. This positive momentum is driven primarily by the unit market, which saw a significant 19.5% increase in sales. While house sales experienced a modest 3.6% growth, the land market contracted by 22.8%.
- Top Performing Suburbs: Perth, Mandurah, Armadale, Baldivis, and Clarkson led the sales charge last week.
- Inventory Levels: The total number of properties available for sale in Perth edged up 1.3% to 3,310. However, this figure remains 37.3% lower than the same time last year.
Rental Market
- Strong Rental Demand: The rental market continues to tighten, with the number of properties available for rent decreasing by 3.7% to 2,426.
- Leased Properties: A positive sign for landlords is the increase in leased properties, with 706 rentals secured last week. This represents an 11% weekly increase, a 7.6% improvement over the past four weeks, and a substantial 19.3% year-on-year growth.
- Top Rental Suburbs: East Perth, Baldivis, Perth, Mandurah, and Maylands were the most in-demand rental locations.
Overall, Perth’s property market is displaying robust activity. The combination of rising sales, particularly in the unit sector, and a tightening rental market indicates a strong underlying demand for property in the region.