- Sales activity dropped 11% in the week ending 8 August
- Property stock dropped marginally
- Morley and Baldivis were the top performing suburbs
Perth sales activity dropped 11% to 841 transactions last week. House, unit and vacant land sales all fell in the week according to the Real Estate Institute of Western Australia (REIWA)’s market snapshot.
Morley and Baldivis were the most popular suburbs among buyers with 20 and 16 properties sold in each respectively.
Property stock decreased 1% to reach 8,363 on the market by the week’s end.
To give this figure some context a balanced market in Perth is classified as between 12,000 and 13,000 listings. The current figure indicates tightness in property stock.
Property stock levels are 2% lower than four weeks ago and 22% down from the same week last year.
Rental side of the market
REIWA reported 2,684 properties available on the rental market at last week’s end. This is up incrementally by 1% from the previous week.
The current figure is 11% lower than four weeks ago and 24% down from the same week last year, indicating little relief for the ongoing rental tightness in Perth.
A ‘balanced market’ for rentals is be considered to be around the figure of 7,000 – 8,000 listings, or 3% of total dwellings.
Perth Metropolitan Area
East Perth and Perth’s Inner City were the most popular rental suburbs with 29 and 20 leases signed in each respectively.