- Sales activity in Perth increased by 2% last week
- Number of rentals listed fell by 1%
- REIWA announced that 112 Perth suburbs are cheaper to buy than rent
Sales activity in WA increased by 2% last week, according to the latest snapshot from the Real Estate Institute of Western Australia (REIWA).
The uplift was thanks to a 4% increase in house and unit sales, while vacant land sales declined 19% during the week.
Overall, 869 transactions were recorded.
At the end of the week, there were 8,511 properties listed for sale in Perth, 1% higher than the previous week. This figure is on par with the levels seen four weeks ago but 21% lower than a year ago when there were 10,804 properties listed.
With around 8,500 properties on the market in Perth, the level is still some way below the 12,000 to 13,000 “equilibrium level”, which would see a balanced market. Being 32% below this level means Perth would be considered to be a “seller’s market”.
Baldivis, a common contender, recorded the most sales of any individual suburb followed by Clarkson.
In terms of rentals, there were 2,539 properties listed at the end of last week – 1% less than the previous week, 8% lower than four weeks and 23% lower than the same time last year, reflective of the ever-tightening rental market in Perth.
East Perth and Perth CBD are tied as the suburbs with the most leased properties with 21 each, while Perth had the most available rentals with 109.
Broken down by type of dwelling, there were 443 houses and 324 units rented out.
The snapshot comes as REIWA announced last week that it is cheaper to buy than rent in 112 suburbs, with Brentwood topping the list followed by Medina and Parmelia.
“Even though Perth house prices have grown over the last 12 months, there is still excellent opportunity for prospective buyers to exit the rental market and step onto the property ladder,” REIWA President Damian Collins said last week.
“And as the reiwa.com analysis shows, servicing a loan is cheaper than paying rent in a lot of Perth suburbs.”