Up, up and away… Image – Canva
  • Sales pushed upwards again with a 6% increase
  • Sales and rental stock remains tight
  • Baldivis recorded the most sales per suburb

Sales are up in Perth as the city recorded its fourth consecutive week of sales growth. Perth saw a 6% rise in property sales last week, according to REIWA‘s Snapshot.

House sales alone are up 11% and unit sales up 4%.

Baldivis recorded the most sales per suburb with 22 properties sold, followed by Gosnells with 17 sold and Scarborough with 16 sold.

Property Stock

Stock levels were down 2% with REIWA recording 8,337 properties for sale in Perth at last week’s end.

House listings fell 4% while units on the market fell 1% and vacant land declined 1%.

Total stock on the market is on par with four weeks ago but 22% lower than the same time last year.

In context, the current stock levels represent a tight market. A ‘balanced market’ (neither a buyer’s or seller’s market) in Perth is considered to be when there are between 12,000 and 13,000 listings for sale.

So, the current market is highly undersupplied, and considered a seller’s market. Everything else being equal, one would expect property prices to rise.

Rental Stock

Rental stock in Perth nudged up 1% last week as 2,408 properties were available for rent by the week’s end.

However, rental listings were 10% down compared to four weeks ago and 23% lower than a year ago.

Just as the sales market is ‘tight’, so is the Perth rental market. A ‘balanced’ rental market in Perth is considered to be somewhere between 7,000 to 8,000 listings, or 3% of total dwellings.

Perth Metropolitan Area

Additionally, REIWA reported a 15% jump in leasing activity last week.

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.