- Sales activity increased again last week
- Vacant land increased by 80%
- Properties listed for sale and rent 20%+ below same time last year
Spring selling season appears to be in motion in the West, with a 19% increase in sales activity recorded across Perth last week. Real Estate Institute of Western Australia (REIWA) member agents reported 1,074 sales transactions, breaking the psychological ‘thousand sales in a week’ barrier for the first time in several months.
This follows a slight increase the previous week of 1%, with houses up by 8%. So, the way is up, it would seem.
Last week, houses were up by 10% with a 32% increase in unit sales and 80% increase in vacant land sales – it should be noted the latter are typically highly volatile on a week-by-week basis.
Sales up, Stock low
There were 8,873 properties for sale in Perth as of the end of last week – 2% below the previous week. Housing stock decreased by 3%, with units and vacant land both falling 1%.
This figure is 2% lower than four weeks ago and a staggering 22% lower than the same time last year.
10,691 were for sale during the same week last year – roughly around the 10,000 ‘equilibrium’ level.
Baldivis was the best selling suburb overall with 20 sales. Yanchep and Ellenbrook were equal first for suburbs north of the river.
Leasing activity also up
In terms of the rental market, 2,257 properties were listed for rent – about 1% less than the previous week.
There were 405 houses and 304 units rented.
In terms of properties available for rent, the breakdown was 1,245 houses and 1,012 units.
The total number of rental listings is 5% lower than four weeks ago, and similar to sales activity is 23% lower than the same time last year.
Leasing activity rose by 6% last week, with 709 properties leased.
Perth and East Perth had both the most available rentals and properties actually leased during the week.
The sales activity come as it was revealed by CoreLogic that 63.5% of properties sold in Perth during the June quarter made gains – meaning more than a third of vendors sold for a loss.