- Stock levels are inching slowly upwards with 9,113 properties on the market at last week's end
- Property sales ticked upwards 5% last week
- Rental stock is on the rise also
Perth saw a 5% increase in property sales last week with 922 transactions recorded by the Real Estate Institute of Australia (REIWA).
Breaking this down, house sales climbed 5% while vacant land sales jumped 21%. Unit sales remained on par with the previous week.
The most popular suburb among buyers last week were Baldivis with 17 houses sold, Canning Vale with 16 sold and Scarborough with 13.
Stock levels increased by 1% last week with 9,118 properties on the market at week’s end.
The figure is 4% up from four weeks ago.
This is inching closer to ‘balanced market’ levels which is considered to be between 12,000 and 13,000 listings.
The stock level is still 21% lower than the same week last year.
The increased stock can be attributed to a 4% increase in unit listings while vacant land and house stock remained stable.
Rental side of the market
2,983 properties were listed available for rent in Perth last week, up 4% from the previous week.
The figure is still 9% higher than 4 weeks ago. The recent increases may be a glimmer of hope for the incredibly tight rental market.
However, rental stock is still a far reach from ‘balanced market figures between 7,000 – 8,000 listings, or 3% of total dwellings.
Rental stock is still 21% lower than the same week a year ago.
Inner Perth and East Perth have the most available stock for rentals with 141 and 138 available in each respectively. These are followed by Scarborough and Victoria Park.