This week’s market update reveals a dynamic Perth property landscape, with significant increases in sales activity and a continued rise in rental listings. Here’s a closer look at the key trends:
Sales Market Heats Up:
Perth’s sales market experienced a substantial boost last week, with a 19.9% increase in transactions compared to the previous week, totaling 698 sales reported by REIWA members. This surge was driven by strong growth in both house and unit sales:
- House Sales: Up 29% week-on-week.
- Unit Sales: Up 14.8% week-on-week.
- Land Sales: Down 33.3% week-on-week.
Top Performing Sales Suburbs:
Several suburbs stood out for sales activity:
- Baldivis: 15 sales
- Mandurah: 11 sales
- Victoria Park: 11 sales
- Canning Vale: 10 sales
- Ellenbrook: 10 sales
Market Highlights:
- Highest Sale Price: $2,500,000 in Mosman Park.
- Lowest Sale Price: $309,000 in East Perth.
Property Listings on the Rise:
The number of properties for sale in Perth reached 4,778 at the end of last week, a 5.3% increase compared to the previous week. This increase is primarily attributed to:
- House Listings: Up 6.1% week-on-week.
- Unit Listings: Up 5.8% week-on-week.
- Land Listings: Relatively stable.
Overall, current listing levels are similar to four weeks ago but significantly higher (23.7%) than this time last year, indicating increased choice for buyers.
Rental Market Update:
The Perth rental market continues to show increased availability:
- Rental Listings: 2,303 properties available for rent at the end of last week, similar to the previous week but 21.9% higher than four weeks ago and 15.4% higher than a year ago.
Top Performing Rental Suburbs:
High demand rental suburbs included:
- Baldivis: 27 rentals
- Perth: 24 rentals
- East Perth: 18 rentals
- Alkimos: 16 rentals
- Mandurah: 15 rentals
Leasing Activity:
REIWA members reported 783 properties leased last week, a significant 31.2% increase compared to the previous week and 13.8% higher than a year ago, although slightly down (1.4%) compared to four weeks ago.
Key Takeaways:
The Perth real estate market is currently experiencing a surge in sales activity alongside a continued increase in rental listings. This provides opportunities for both buyers and renters. If you are considering buying, selling, or renting in Perth, now is a great time to contact us for expert advice and assistance.