Amidst a robust increase in property prices and improving buyer sentiment, the real estate market in Perth demonstrated strong performance last week, with a significant 10.8% increase in sales transactions from the previous week.
Data from REIWA members highlighted 951 transactions, showing a robust recovery in the property sector.
House sales saw a 9.4% increase, while unit sales jumped an impressive 32.4%. However, land sales experienced a downturn, dropping by 28%.
The top-performing suburbs in terms of sales were led by Baldivis with 20 transactions, followed closely by Perth with 17, and Scarborough with 15. Como and East Perth each reported 14 transactions.
The highest sale price was recorded in Mount Pleasant at $3,125,000, while the lowest was in Mandurah at $355,000.
The total property listings in Perth ended last week at 5,047, marking a 1.6% increase from the previous week. This change was driven by a 2.9% rise in house listings, despite a 2.6% decrease in unit listings.
Listings for vacant land mirrored this growth, also increasing by 2.6%. Compared to the same period last year, the current inventory is 27.1% higher, indicating a more saturated market, REIWA reported.
In the rental sector, the inventory of properties available for rent also saw an increase, rising by 2.1% from the previous week to a total of 2,130 properties.
This figure is 3.6% higher than four weeks ago and 17.3% up from the previous year, reflecting continued demand for rental properties.
The most active suburbs for rentals were Perth with 25 leases, East Perth with 15, and Mandurah with 11, REIWA figures showed.
REIWA members reported that 628 properties were leased last week, representing a 14.4% increase from the week prior, although this is 14.3% lower than the activity four weeks ago.
Compared to the previous year, there has been a 4% increase in leased properties, suggesting a steady growth in tenant activity.
For more detailed insights, visit REIWA’s Perth Market Snapshot graphic for a comprehensive analysis of the past week’s activities.
View the Perth Weekly Snapshot via LinkedIn.
