Last week, Perth witnessed a substantial 19.9% increase in real estate transactions compared to the previous week, with REIWA members reporting 698 total transactions.
This surge was led by a 29% increase in house sales and a 14.8% rise in unit sales, although land sales saw a significant decline of 33.3%.
The top-performing suburbs in terms of sales last week were Baldivis with 15 sales, followed closely by Mandurah and Victoria Park, each with 11 sales. Canning Vale and Ellenbrook also showed strong activity with 10 sales each, REIWA data showed.
The most expensive property sold last week was in Mosman Park, fetching $2.5 million, while the most affordable sale occurred in East Perth, with a property going for $309,000.
REIWA reported a 5.3% increase in overall property listings last week, totaling 4,778 properties on the market in Perth. This rise was primarily due to a 6.1% increase in house listings and a 5.8% increase in unit listings, while land listings remained stable.
The current inventory levels are similar to those from four weeks ago but are 23.7% higher than the same period last year, indicating a growing market.
The rental market remained stable with 2,303 properties available for rent, mirroring figures from the previous week.
However, compared to four weeks ago, rental listings have increased by 21.9%, and they are 15.4% higher than last year.
Baldivis led the rental market with 27 properties leased, followed by Perth with 24, and East Perth with 18. Alkimos and Mandurah also saw significant activity, with 16 and 15 properties leased, respectively.
There were 783 properties leased last week, marking a 31.2% increase from the previous week and a 13.8% increase from the same time last year, despite a slight 1.4% drop from four weeks ago.
For a detailed breakdown of last week’s market activity, be sure to check REIWA’s Perth Market Snapshot graphic. Read the REIWA report on LinkedIn.
