- There was a 2% fall in sale transactions last week
- Unit sales fell by 16% - the main contributor to the overall fall
- South Perth was the top selling suburb with 16 sales
Despite a 7% jump in sales the previous week, the Real Estate Institute of Western Australia (REIWA) has reported a small fall in sales activity, as reported in this week’s edition of REIWA’s Weekly Snapshot.
952 transactions were reported by REIWA members – covering approximately 90% of all active selling agents and reps in WA – representing a 2% fall compared to last week.
This is primarily attributed to a 16% decline in unit sales despite 2% and 13% increases in house and land sales respectively. 9,504 properties were on the market for sale at the end of last in Perth – 2% above the previous week’s level and that of a month ago but 20% below the same time last year.
The number of properties for sale is continuing to climb, but still some way below what is assumed to be a ‘balanced market’, between 12,000 and 13,000 listings.
The top suburbs
The top-selling suburb this week was South Perth with 16 sales followed by Badlivis on 15, with Scarborough, Nollamara and Rivervale all recording 11 sales.
In terms of rentals, 768 properties were rented out this week. This is similar to four weeks ago – 721 properties – and the same week last year which was 787 properties.
The top suburbs for lease properties were the usual suspects of East Perth, Perth and Como. The two suburbs with the most available rentals was East Perth and Perth with 141 each.
While there were a total of 2,815 properties available for rent this week, the same week last year saw 4,547 properties on the market – meaning there are 38% fewer rentals this week compared to a year ago. It is still a very tight rental market.