Last week in Perth, there was a notable increase in property sales, climbing by 2.7% from the previous week, according to REIWA members who reported a total of 942 transactions.
This rise included a 2.2% increase in house sales and a significant 6.7% jump in unit sales, although land sales saw a decline of 3.9%.
East Perth led the suburbs with 15 sales, followed closely by Como and Perth each with 14 sales, Dianella with 13, and Gosnells rounding out the top five with 12 sales.
The highest sale recorded was in Shelley at $2.8 million, while the most affordable property was sold in Maylands for $325,000.
By the week’s end, the total number of properties listed for sale in Perth increased by 1.1% to 5,088.
This inventory rise included a 0.7% increase in houses, a 1.2% rise in units, and a 3.1% increase in vacant land listings. Compared to four weeks ago, current listings are up by 6.2%, and a significant 24.1% higher than the same period last year.
REIWA recently reported that the median sale price for houses in Perth climbed by 1.4% to $750,000 in January, reflecting a 23% increase from the previous year. Similarly, the median unit price increased by 1% to $500,000, marking a 20.5% year-on-year rise.
The rental market experienced a slight decrease in availability, with 2,024 properties for rent, marking a 1.5% drop from the previous week.
Despite this weekly dip, the current listings are still 16.8% higher than last year, indicating an increased rental inventory.
In a previous report, REIWA CEO Cath Hart (pictured above) noted that Perth’s rising rental vacancy rate results from decreased demand and increased supply. Factors such as larger tenant households, a preference for buying homes, and more people living with family have lessened rental demand. Concurrently, new investor properties and tenants moving into their own homes have boosted rental supply, driving the higher vacancy rate.
Perth topped the rental market with 29 properties leased, followed by East Perth (20), Rivervale (16), Baldivis (15), and Wellard (13).
Overall, 707 properties were leased last week, showing a decrease of 3.7% compared to the previous week.
