- REIWA agents reported 1,042 sales last week across Perth, indicating boom conditions
- The market is still tight with 8,886 properties listed for sale by the week's end
- Shenton Park and Canning Vale were the most popular selling suburbs last week
Sales back over 1,000 a week
Perth’s sales activity jumped 62% last week, with REIWA reporting 1,042 transactions in total. This figure – above the 1,000 sales mark – is evidence of boom times.
Over the past week, as reported by REIWA member agents, house sales increased 65%, unit sales rose 79% while vacant land sales lifted 10%.
Of course, the jump could also be attributed to the backlog of sales as Perth recovered from the previous week’s snap lockdown and subsequent mask mandates.
The sales market is still incredibly tight with only 8,886 properties listed for sale at weeks end, on par with the post-lockdown stock of the previous week.
While stock levels did rise a little, with a 5% increase from four weeks ago, Perth’s property sales market is still far from a ‘balanced market’ which is considered to be when listings are between 12,000 and 13,000.
The average days on market before sale in Perth has hit at an all-time low of 17 days, comparable to the 2006 boom.
Listings are still 23% down from the same week last year. All this evidence points to further proof of a booming market.
Shenton Park and Canning Vale were the most popular selling suburbs last week with 15 sales recorded in each.
Rentals also tight
REIWA reported 2,870 properties were available for rent by the end of the week, also on par with the previous week’s figure.
Perth’s rental market is also stretched-thin. A ‘balanced market’ for rentals would be considered around the figure of 7,000 – 8,000 listings, or 3% of total dwellings. Vacancy rates in Perth have been below 1% for the past five months.
Although the rental availability is up 5% from four weeks ago, it is 47% lower than a year ago.
Perth’s Inner City and West Perth were the most popular rental suburbs with 21 and 20 leases in each respectively.