Welcome to our latest market update, where we keep you informed on the pulse of Perth’s real estate scene. This week, we’re seeing some interesting shifts in both sales and rentals, offering new opportunities for buyers and investors alike.
Sales Market Snapshot
Last week saw a slight cooling in sales activity, with total transactions dipping by 6.4% to 868. This was led by a decrease in house sales, which were down by 8.1%. Unit and land sales also saw minor declines of 1.8% and 2.9% respectively.
Despite the overall dip in transactions, the number of properties available for sale in Perth also decreased by 1.8% to 3,999. This tightening of supply is primarily due to fewer houses and vacant land parcels on the market. When compared to this time last year, however, listing volumes are up a significant 23.2%, providing more choice for discerning buyers.
Top Performing Suburbs for Sales:
- Baldivis: 21 sales
- East Perth: 16 sales
- Ellenbrook: 13 sales
- Gosnells: 11 sales
- Perth: 11 sales
Highlighting the diverse range of properties available, the highest sale price recorded last week was a stunning $3,250,000 in Claremont, while the most accessible was a property in Wanneroo at $360,000.
Perth’s Rental Market
The rental market continues to show its strength with a notable 7.3% increase in the number of properties leased last week. This is a 4.9% increase from four weeks ago and a 2.6% rise from the same time last year, indicating sustained tenant demand.
The number of available rental properties saw a slight increase of 1.2% from the previous week, bringing the total to 2,454. While this offers a little more choice for renters, the market remains competitive. Compared to a year ago, available rental stock is still down by 2.8%.
Top Suburbs for Rental Activity:
- Baldivis: 22 leases
- Perth: 19 leases
- East Perth: 15 leases
- Scarborough: 13 leases
- Maylands: 12 leases
Whether you’re looking to buy, sell, or lease, our team is here to provide you with expert advice and guidance. Contact us today to discuss how these latest market trends can work for you.