The Perth real estate market experienced a significant increase in sales transactions, with a 20.9% rise over the previous week.
According to REIWA, the total transactions reported by members amounted to 970. Breaking it down, house sales saw a 17.3% increase, unit sales climbed by 16%, and a remarkable surge in land sales, which jumped by 71.2%.
The top-performing suburbs in terms of sales were Baldivis with 21 transactions, followed by Perth with 19, and Scarborough with 17. East Perth and Balga also showed strong sales activity with 15 and 10 transactions, respectively.
The highest sale recorded in the week was in Dalkeith, fetching a price of $6,450,000. Conversely, the lowest sale price was reported in Crawley at $340,000.
Property listings in Perth showed a modest increase of 1.4% compared to the previous week, totaling 4,932 properties. This increase includes a 1% rise in house listings and a significant 4.4% increase in unit listings, although listings for vacant land saw a decrease of 1.8%.
The inventory levels were 8.7% higher than four weeks prior and had risen by 24.7% from the same period a year ago, indicating a growing market.
According to a recent REIWA report, Perth’s median house sale price saw a modest increase of 1.4% in January, reaching $750,000, which was 23% higher than in January of the previous year. Similarly, the median unit price rose by 1% to $500,000, reflecting a year-on-year gain of 20.5%.
“We are seeing a softer market at the moment, which is fairly typical of festive season activity but also reflects the easing of FOMO seen in the latter part of 2024,” REIWA CEO Cath Hart (pictured above) said.
Hart noted that while properties in sought-after locations continue to attract quick sales, others are staying on the market for longer periods.
The rental market remained stable with 2,141 properties available for rent, similar to the previous week’s figures. However, this number represents a 6.5% decrease from four weeks ago, yet an 18.7% increase compared to the same period last year.
Additionally, data from a previous REIWA report indicated that the median dwelling rent rose to $670 per week, marking an 8.9% increase compared to last year.
East Perth led the rental activity with 22 properties leased, followed closely by Perth with 21, and Baldivis with 17. Scarborough and Rivervale also showed robust rental numbers with 16 and 15 properties leased, respectively, REIWA reported.
REIWA members reported leasing 724 properties last week, marking a 9.9% increase over the prior week, a 21.7% increase from four weeks earlier, and a 7.3% increase from the previous year, highlighting a strong demand in the rental market.
Read the full report on LinkedIn or the REIWA website. For a complete breakdown of the past week, see REIWA’s Perth Market Snapshot graphic. To compare the latest figures with previous data, click here.
