Perth’s property market continues to show signs of strength, with a notable surge in unit and land sales.
Last week saw an overall increase of 8.8% in sales transactions compared to the previous week, with a total of 838 properties changing hands. While house sales dipped slightly by 6.3%, the unit market experienced a significant boost of 19.4%, and land sales skyrocketed by a staggering 288.5%.
Sales Market Snapshot
- Top-performing suburbs for sales: Baldivis, Ellenbrook, Balga, Mandurah, and Rockingham were the most active suburbs.
- Price points: The highest sale price recorded was a Watermans Bay property at $2,250,000, while Leederville offered the lowest at $395,000.
Listings on the Rise
The number of properties available for sale increased by 1.8% compared to the previous week, reaching a total of 3,286 listings. This uptick can be attributed to a 4.7% increase in house listings, a modest 1.4% rise in unit listings, and a 9.9% decrease in vacant land listings.
While the overall number of properties for sale is 1.3% higher than four weeks ago, it’s still significantly lower than the same time last year, down by 37.7%.
Rental Market Overview
Perth’s rental market continues to be active, with a slight decrease of 1% in available rental properties compared to the previous week, totaling 2,568 listings. Despite this small dip, the number of rental properties is still up 1.7% compared to four weeks ago and a substantial 29.4% year-on-year.
- Top-performing rental suburbs: Baldivis, East Perth, Rivervale, Maylands, and Perth were the most in-demand rental locations.
A total of 642 properties were leased last week, marking a 2.9% decrease compared to the previous week but a 6.3% increase year-on-year.