Perth real estate surges with sales and rentals soaring

The Perth real estate market experienced a significant increase in activity for the week ending Jan. 12, according to the latest data from REIWA.

Sales transactions saw an impressive 97% increase from the previous week, with a total of 593 transactions recorded.

Perth housing market performance

A breakdown of the sales indicates substantial increases across the board:

• House sales rose by 90.5%.
• Unit sales increased by 94.4%.
• Land sales surged by an astonishing 175%.

Top performing suburbs in sales

Several suburbs stood out in terms of sales volume:

1. Baldivis led with 22 sales.
2. Como followed with 10 sales.
3. Forrestfield and Ellenbrook each had nine and eight sales respectively, with Rivervale also recording eight sales.

Property prices: The highs and lows

The highest sale price was recorded in Cottesloe at $5,300,000, while the lowest came from Como at $265,000, REIWA figures showed.

Inventory levels adjust

By week’s end, there were 4,536 properties listed for sale in Perth, marking a 5.3% increase from the week before. This rise was driven by a 6.3% increase in house listings and a 6.4% rise in unit listings, though vacant land listings slightly declined by 1.1%.

Comparative market analysis

The total property listings were 15% lower than four weeks prior but 19.6% higher compared to the same period last year.

Rental market insights

The rental sector also saw notable growth:

• There were 2,291 properties available for rent, an 18.5% increase from the previous week.
• This figure is 3.3% higher than four weeks ago and 17.2% up from the previous year.

Top performing suburbs for rentals

• Perth took the lead with 18 properties leased.
• Alkimos and Baldivis followed with 17 and 15 rentals, respectively.
• Rivervale and Byford also saw healthy activity with 12 and 11 properties leased.

Leasing activity

REIWA members reported 601 properties leased during the last week, a significant 146.3% increase over the prior week. However, this figure is slightly lower compared to four weeks ago and the previous year.

For detailed insights, the Perth Market Snapshot graphic offers a comprehensive breakdown of the past week’s real estate activity. Also see REIWA’s Linkedin post or visit the organisation’s webpage for the full report.