- Sale stock levels are creeping slowly closer, but still a far reach from balanced market levels
- Sales activity jumped 7% last week
- Rental stock also still a far reach from a balance market
The Real Estate Institute of Western Australia (REIWA)‘s latest market snapshot reveals the continuing slow recovery of Perth’s sales stock levels.
On par with the recent trend stock levels were reported to increase 1% last weeks with 9,212 properties on the market at last week’s end.
This figure is creeping ever so slowly closer to the balanced market levels between 12,000 and 13,000 listings.
Breaking down stock levels, house listings increased 1%, units listings decreased 2% and the vacant land stock rose 4% compared to the previous week.
976 transactions were reported during last week, a 7% jump from the previous week.
A closer look at the stock levels shows a 48% hike in vacant land sales, a 22% increase in unit sales while house sales actually fell 3% in the week.
The unsurprising top-selling suburb for the week was Claremont on with a massive 39 properties sold. Karrinyup was also popular with 24 sales. Baldivis was the third most successful with 21 sales.
The rental side of the market
At last week’s end, there were 2,843 properties available for rent in Perth, a 5% drop from the previous week.
This figure is straying even further from the balanced rental market levels between 7,000 and 8,000 listings, or 3% of total dwellings.
Rental stock is very much on par with the figures seen four weeks ago and a massive 39% lower than the same week last year.