Perth property sales activity flies up 18%. Image : Canva
  • Sales activity was up 18% in the week ending 18th April
  • The market is still 'tight' with just 8,680 properties for sale
  • Claremont took out the top selling suburb

Perth’s sales activity was up 18% last week, reaching 919 transactions, according to the Real Estate Institute of Western Australia (REIWA)’s weekly market snapshot.

Breaking this figure down, the increase can be attributed to an 18% increase in house sales and a 30% jump in unit sales, while vacant land sales fell 4%.

Property stock is still at a low of 8,680, but up 2% from the Easter low of the previous week.

To give this figure some context, a ‘balanced market’ for Perth is generally considered to be between 12,000 and 13,000 listings.

The undersupply of property stock seems to be slowly recovering as it is 4% higher than the same time four weeks ago, but still down 28% from the same time last year.

Claremont was the latest hotspot last week with 20 properties sold.  This was followed by Scarborough on 12 and Balga and Clarkson with 11 sales each.

On the rental side of the market:

The rental stock had a slight uptick with REIWA members reporting 2,780 properties for rent in Perth at the end of last week, up 1% from the previous week.

This figure is still 51% lower than the same time a year ago, however. Perth’s inner-city was the most popular suburb with 22 properties leased.

You May Also Like

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.

How population density is reshaping Australian cities

Explore the relationship between population density and housing trends.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.