Sales Activity Continues to Rise
Perth’s property market showed strong signs of life last week, with sales transactions surging 9% compared to the previous week. A total of 874 sales were recorded, with houses, units, and land all contributing to the increase.
- House sales rose by 1.2% week-on-week.
- Unit sales saw a significant jump of 17.9%.
- Land sales experienced a remarkable increase of 52.2%.
Top-Performing Suburbs
The suburbs leading the sales activity were:
- Perth: 16 sales
- Baldivis: 13 sales
- Mandurah: 11 sales
- Balcatta: 10 sales
- Balga: 10 sales
Market Dynamics
- Highest sale price: Karrinyup – $1,740,000
- Lowest sale price: Burswood – $400,000
The number of properties available for sale increased slightly by 5.6% week-on-week, primarily due to a rise in house and unit listings. However, vacant land listings declined.
Rental Market
The rental market saw a slight decrease in listings, with 2,024 properties available for rent at the end of the week. Despite this, rental listings remain significantly higher than a year ago.
- Top-performing rental suburbs: Baldivis, Perth, East Perth, Alkimos, and Ellenbrook.
Lease Agreements
REIWA members reported a substantial increase of 23.8% in lease agreements signed last week compared to the previous week, indicating strong rental demand.
Overall Outlook
The Perth property market continues to demonstrate resilience, with increasing sales activity and rental demand. While the market dynamics may fluctuate, these positive indicators suggest a healthy and active property market.