- Sales activity was up 7.8% last week
- Properties listed for sale is a third lower than last year
- Rental stock is about half of that compared to last year
Despite the Easter Long Weekend and upcoming school holidays, sales activity increased by 7.8% last week in Perth, according to the Real Estate Institute of Western Australia (REIWA).
1,024 transactions were reported by REIWA for the week ending Sunday 4 April, with house sales increasing by 7%, units by 8.9% and 11.5% for vacant land sales.
In particular, 1,024 properties were sold with 746 of these houses.
8,259 properties were listed for sale as of the end of the week which is a decrease of 4.5% compared to the previous week. This figure, however, is 3.9% higher than a month ago but a third lower than a year ago – when 12,537 properties were listed for sale.
REIWA says the ‘balanced market’ is in the 12,000 to 13,000 range – a figure that has not been reached since the pandemic.
Scarborough was the top-selling suburb north of the river, a title the coastal suburb usually holds, with 15 sales. Como, the frequent south of the river winner, was the top-selling suburb overall with 18 sales.
In terms of rentals, 2,695 properties were listed end of last week, a slight decrease of 1% compared to the previous week. In particular, the number of rental listings last week is 2.6% lower than four weeks ago and a staggering 51% lower than the same time last year.
This is unsurprising given the ongoing current rental shortage and the fact it is the fastest time to lease a rental in over seven years.
As usual, East Perth was the top leased suburb followed by Perth itself, with both of these suburbs also representing the suburbs with the highest number of available rentals.
