elizabeth quay
The suburb of Perth has the most available rentals, according to REIWA. Image – Canva.
  • Number of sales similar to four weeks ago
  • Vacant land sales rose by 150%
  • Number of properties rented out declined

Despite the recent lockdown, the Perth market recorded a 5% increase in sales activity last week, with REIWA members reporting 932 transactions. This is almost the same number of sales four weeks ago but is below the 1,225 properties that was sold during the same time last year.

However, there was a 3% decline in house sales and 27% in unit sales – a 140% rise in vacant land sales fuelled the overall increase in activity.

484 properties were listed for sale in Perth last week – 5% less than the previous week. Unit stock listings saw a 2% decline while vacant land listings decreased by 7%.

Notably, this total figure is 6% lower than a month ago and 18% lower than the same time last year when 1,225 properties were for sale.

Unsurprisingly the top two suburbs for sales were Baldivis and Scarborough with 14 and 13 sales respectively. The remaining top eight suburbs were usual suspects such as Clarkson, East Perth and Byford.

566 properties were rented out last week – 308 houses and 258 units, with East Perth having the most leased properties followed by Perth, Rivervale and West Perth. This is less than four weeks ago when 760 were rented out – the lockdown could explain the decline. The same week last year saw 885 properties rented out.

2,817 properties were for rent in Perth last week – about the same as last week. Overall, rental listings are on similar levels compared to four weeks ago and 29% lower than a year ago – when there were 3963 properties available. Perth had the most available rentals at 145 closely followed by East Perth before a drop in Rivervale and Maylands, which had 61 and 58 available rentals respectively.



You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.