- Houses up, but unit and land sales were down last week: REIWA
- Listing levels are 20% below the same period last year
- Fremantle the second best selling suburb, after Baldivis
Sales activity is up 1% in Perth based on 911 transactions recorded last week by Real Estate Institute of Australia (REIWA) members.
However, sales vary significantly between dwelling types.
Houses were up by an impressive 8% but unit and land sales fell by 11% and 19% respectively.
Stock for sale remains well below the 10,000 equilibrium, with 8,537 listed across Perth last week, in line with the previous week.
House and unit listings remained stable with vacant land listings increasing by 2%.
These figures are similar to those recorded four weeks ago, but are 20% lower than a year ago.
The top-selling suburb was Baldivis – which frequently takes the top spot – although this was followed by Fremantle, which rarely makes an appearance in the top ten best selling suburbs in Perth.
The weekly snapshot comes as it was revealed this week that the inner-city suburb of Westminster, about 11 kilometres north of Perth’s CBD, is a million dollars cheaper than the ‘cheapest’ inner city of Sydney, which is Arncliffe, which has a median of $1.45 million – around the current Sydney median house price.
In terms of the rental market, there were 2,279 for rent in Perth last week, 2% less than the previous week. This is 10% lower than a month ago and 25% lower than the same time last year.
The stock of properties for rent or sale is at historic lows across the Perth metro area.
Perth was the most leased suburb with 24 leased properties followed by South Perth (17), Subiaco (14) and East Perth (13).
Perth and East Perth had by far the most available rentals – with 102 and 100 respectively – followed by Maylands (55) and Rivervale (49).
Overall, leasing activity decreased by 3% in Perth last week.