- Sales activity up last week despite lockdown and Easter long weekend
- Stock for both sale and rent remains significantly lower than last year
- Baldivis records highest level of sales across Perth, again
In their weekly snapshot, data from the Real Estate Institute of Western Australia (REIWA) has shown a 7% increase in Perth sales activity in the lead up to the ANZAC Day long weekend and what turned out to be the first two days of a three-day snap lockdown.
However, both the amount of housing stock for both sale and rent is significantly lower compared to this time a year ago.
Overall, REIWA members reported 979 transactions with house sale increasing by 11% and 13% for units. Vacant land sales bucked the trend; they declined 39%.
In terms of properties for sale, 8,737 were for sale in Perth as of the end of last week – 1% above the previous week. While this total figure is also 1% higher than a month ago, it is still 27% lower compared to this time last year. More specifically, house listings increased by 2% with units and vacant land both decreasing by 1%.
A ‘balanced market’ in Perth is generally regarded as having 12,000 to 13,000 properties for sale at any one time.
As usual, the southern suburb of Baldivis recorded the most sales across Perth with 24 properties sold. Claremont, a frequent contender, recorded the most sales north of the river with 18 properties sold.
In terms of rentals, REIWA members reported that there were 2,740 properties listed across the metro region. Similarly, this is 1% higher than both last week and four weeks ago. However, this is 52% lower than a year ago – highlighting the shortage in rental stock across Perth. Last week, rental stock was 51% lower compared to the same time last year.
East Perth was home to the most leased properties last week with Perth itself having the most rentals available.