- Perth's sales activity slumped 34% last week
- Maylands and South Perth were the top performing suburbs for the week
- This is based on REIWA's weekly snapshot
Perth’s snap lockdown and the restrictions that followed saw the city’s sales activity drop 34% last week. REIWA members reported 645 transactions.
There were 8,907 properties listed on the market at the end of last week. This is up 2% from the previous week.
REIWA President, Damian Collins commented on the position of property stock for the month of April.
“Pleasingly, listings for sale have increased 5.8 per cent during the month. It’s clear that the current property market conditions are starting to entice more sellers to the market, which is helping to keep up with demand and provide buyers with more choice,” Mr Collins said.
“On an annual basis though, there are 25 per cent fewer properties for sale than this time last year, so demand is still outweighing supply.”
Damian Collins, REIWA President
To break this down, house listings rose 4%, units listings increased 2% while vacant land stock dropped 3%.
The figure for stock last week is still a far reach from a balanced market in Perth which is classified as between 12,000 and 13,000 listings.
Maylands and South Perth were the top-performing suburbs last week reaching 16 sales each.
In terms of stock, there were 2,857 properties listed for rent at weeks end. This is a 4% drop from the previous week.
This figure is 6% higher than four weeks ago and a drastic 49% decrease on the same week a year ago.