- Sales activity down 22.2% last week according to REIWA's market snapshot
- REIWA attributes the drop the the effects of the Easter long weekend
- The rental side of the market has 51% fewer listings than a year ago
REIWA reported 785 property sales transactions in Perth last week, a 22.2% decline from the previous week.
This decrease was witnessed across all areas of the market with a 23% decline in house sales, 14% drop in unit sales and 29% fall in vacant land sales.
Listings saw a slight 3% uptick with 8,485 properties for sale at the week’s end.
With a market being considered ‘balanced’ when there are between 12,000 and 13,000, the current figure indicates a very tight market.
For context, this figure is up a mere 4% from four weeks ago and 31% lower than the same week last year.
Baldivis took the unsurprising lead, easily the top-selling suburb of the week with 18 sales. Ellenbrook, Mosman Park, Byford, Rockingham and South Perth all tied second place with nine sales in each suburb.
Perth house sales and median price, since 2016
Rental Market
On the rental side of the market, 647 properties were leased in the week. 2,745 properties were listed for rent at the end of last week.
This is only 1% higher than four weeks ago and a massive 51% lower than last year.
Perth City was the hotspot for renters with 23 properties leased, followed by Baldivis and East Perth with 15 leased each.
