Perth’s real estate market shows mixed trends with declining sales transactions, increased house demand, rising inventory, and growth in the rental sector, according to REIWA.
Perth, which recorded the largest increase in housing values among capital cities since March 2020, experienced a slight decrease in overall sales transactions last week, dropping by 4% from the previous week, according to data from REIWA.
Despite the general dip, house sales saw an increase of 4.9%, signaling a continued demand for residential properties. However, the unit sales market faced a significant downturn, dropping by 26.5%, with land sales also decreasing by 16.7%.
Several suburbs stood out in terms of sales activity:
The highest sale recorded in Perth last week was in Wembley, fetching $2,600,000, while the most affordable property sold for $355,000 in the same suburb.
The total inventory of properties for sale in Perth saw a slight increase of 1.8% from the previous week, totaling 5,138 listings, REIWA data showed.
This inventory rise was influenced by a 1.1% increase in house listings, a 2.3% rise in unit listings, and a 4.4% increase in vacant land listings.
Compared to last year, the current figures represent a significant 29.9% increase, indicating a more substantial property availability for potential buyers.
The rental sector in Perth also showed growth, with 2,151 properties available for rent—an increase of 1% over the previous week. This figure is 6.3% higher than four weeks ago and 16.9% above the levels from the same period last year, REIWA reported.
Overall, REIWA members reported 663 properties were leased last week, marking a 6.3% increase over the previous week, despite being 5.2% lower than four weeks earlier but still 5.1% higher than the same week last year.
This suggests a gradually tightening rental market, reflective of broader housing trends in Perth.
