- Sales activity was up 18% in the week ending 18th April
- The market is still 'tight' with just 8,680 properties for sale
- Claremont took out the top selling suburb
Perth’s sales activity was up 18% last week, reaching 919 transactions, according to the Real Estate Institute of Western Australia (REIWA)’s weekly market snapshot.
Breaking this figure down, the increase can be attributed to an 18% increase in house sales and a 30% jump in unit sales, while vacant land sales fell 4%.
Property stock is still at a low of 8,680, but up 2% from the Easter low of the previous week.
To give this figure some context, a ‘balanced market’ for Perth is generally considered to be between 12,000 and 13,000 listings.
The undersupply of property stock seems to be slowly recovering as it is 4% higher than the same time four weeks ago, but still down 28% from the same time last year.
Claremont was the latest hotspot last week with 20 properties sold. This was followed by Scarborough on 12 and Balga and Clarkson with 11 sales each.
On the rental side of the market:
The rental stock had a slight uptick with REIWA members reporting 2,780 properties for rent in Perth at the end of last week, up 1% from the previous week.
This figure is still 51% lower than the same time a year ago, however. Perth’s inner-city was the most popular suburb with 22 properties leased.