Sales Activity Heats Up
Last week, the Perth real estate market saw a surge in activity, with sales transactions up a solid 5% compared to the previous week. REIWA members reported a total of 833 transactions, fueled by a 1.4% increase in house sales and a substantial 19% jump in unit sales. However, land sales experienced a slight decline of 4.1%.
Top-Performing Suburbs
The suburbs leading the pack in terms of sales activity were:
- Perth
- Baldivis
- Scarborough
- Ellenbrook
- Canning Vale
The highest sale price recorded in Perth last week was in Nedlands, reaching a substantial $2,360,000, while the lowest sale price was found in Success at $380,000.
Inventory on the Rise
The number of properties available for sale in Perth increased by 5% last week, reaching a total of 3,637. This uptick was primarily driven by a 3.3% increase in house listings and a 22% surge in vacant land listings. While unit listings remained relatively stable, the overall listings figure is still 29.1% lower than levels seen a year ago.
Rental Market Remains Strong
The rental market in Perth continued to show strength, with REIWA members reporting 2,190 properties available for rent at the end of last week. Although this represents a slight 1.5% decrease compared to the previous week, it’s still 32.4% higher than levels a year ago.
Top-Performing Rental Suburbs
The suburbs with the highest number of rental listings were:
- Perth
- Baldivis
- South Perth
- Scarborough
- Rivervale
Leasing Activity on the Upward Trend
Rental demand remained strong, with REIWA members reporting 687 properties leased last week, a 3% increase compared to the previous week. This figure is also 8.7% higher than four weeks ago and a substantial 23.1% higher than a year ago.