Sales Activity Continues to Rise
The Perth real estate market showed strong signs of activity last week, with sales transactions increasing by 3.8% compared to the previous week. A total of 892 sales were reported by REIWA members.
Key Highlights:
- House sales surged by 6.6%, while unit sales experienced a significant jump of 29.2%.
- Land sales saw a decline of 57.7%.
- Top-performing suburbs for sales included Rivervale, Rockingham, Morley, Baldivis, and Mandurah.
- The highest sale price recorded was in Dalkeith at $4,510,000, while the lowest sale price was in Perth at $218,000.
Inventory on the Rise
The number of properties available for sale in Perth increased by 7.2% last week, reaching a total of 4,587. This growth was driven by a 9.1% increase in house listings, a 3.1% increase in unit listings, and a 5.9% increase in vacant land listings.
Rental Market Remains Stable
The rental market remained relatively stable, with a slight decrease of 1.9% in the number of properties available for rent. A total of 1,986 rental properties were listed at the end of last week.
Key Rental Metrics:
- Top-performing suburbs for rentals included Baldivis, Perth, East Perth, Willetton, and Maylands.
- Rental leasing activity declined by 1.9% compared to the previous week.
Factors Driving Market Activity
Several factors are contributing to the ongoing growth in the Perth real estate market:
- Strong economic conditions: Perth’s economy has been resilient, leading to increased demand for housing and rental properties.
- Low interest rates: While interest rates have begun to rise, they remain relatively low, making homeownership more affordable for many buyers.
- Population growth: Perth’s population continues to increase, driving demand for housing and rental accommodation.
- Government initiatives: Government policies, such as the First Home Loan Deposit Scheme, have made it easier for first-home buyers to enter the market.
Outlook for the Perth Real Estate Market
The Perth real estate market is expected to remain strong in the coming months, with continued growth in both sales and rental activity. However, it’s important to note that market conditions can change rapidly, and it’s always advisable to consult with a local real estate agent for the most up-to-date information.