Sales Activity on the Upswing
The Perth property market saw a positive trend last week, with sales transactions increasing by 5.7% compared to the previous week. REIWA members reported a total of 1,008 transactions, indicating a healthy level of activity in the market.
- Houses: Sales were up by a solid 6.2%.
- Land: A significant surge was seen in land sales, which were up by an impressive 59.5%.
- Units: Unit sales experienced a slight dip, down 5% for the week.
Top Performing Suburbs for Sales:
Perth led the way with 17 sales, followed by Baldivis (16), Byford (14), Halls Head (14), and Fremantle (13).
Notable Sales:
- Highest: A property in Applecross fetched an impressive $4,200,000.
- Lowest: A property in Rockingham sold for $359,000.
Listings Continue to Climb
The number of properties available for sale in Perth rose to 5,651, a 4% increase from the previous week. This upward trend is evident across all property types:
- Houses: Listings increased by 2.8%.
- Units: Listings were up by 5.3%.
- Vacant Land: Listings saw the most significant increase, up 8.6%.
This rise in listings provides buyers with a wider range of choices in the market.
Rental Market Update
The rental market also experienced growth, with 2,235 properties available for rent at the end of last week. This represents a 4.3% increase compared to the previous week.
Top Performing Suburbs for Rentals:
Perth again took the lead with 19 rentals, followed by East Perth (15), Baldivis (14), Byford (14), and Rivervale (13).
Leasing Activity Remains Strong
REIWA members reported 645 properties leased last week, indicating continued demand in the rental market.
Overall, the Perth property market shows positive signs, with increased sales activity and a growing number of listings. This presents opportunities for both buyers and sellers in the current market.