south perth view
Rental stock remains tight in Perth. Image – Canva.
  • Sales activity up last week despite lockdown and Easter long weekend
  • Stock for both sale and rent remains significantly lower than last year
  • Baldivis records highest level of sales across Perth, again

In their weekly snapshot, data from the Real Estate Institute of Western Australia (REIWA) has shown a 7% increase in Perth sales activity in the lead up to the ANZAC Day long weekend and what turned out to be the first two days of a three-day snap lockdown.

However, both the amount of housing stock for both sale and rent is significantly lower compared to this time a year ago.

Overall, REIWA members reported 979 transactions with house sale increasing by 11% and 13% for units. Vacant land sales bucked the trend; they declined 39%.

In terms of properties for sale, 8,737 were for sale in Perth as of the end of last week – 1% above the previous week. While this total figure is also 1% higher than a month ago, it is still 27% lower compared to this time last year. More specifically, house listings increased by 2% with units and vacant land both decreasing by 1%.

A ‘balanced market’ in Perth is generally regarded as having 12,000 to 13,000 properties for sale at any one time.

As usual, the southern suburb of Baldivis recorded the most sales across Perth with 24 properties sold. Claremont, a frequent contender, recorded the most sales north of the river with 18 properties sold.

In terms of rentals, REIWA members reported that there were 2,740 properties listed across the metro region. Similarly, this is 1% higher than both last week and four weeks ago. However, this is 52% lower than a year ago – highlighting the shortage in rental stock across Perth. Last week, rental stock was 51% lower compared to the same time last year.

East Perth was home to the most leased properties last week with Perth itself having the most rentals available.

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.

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.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

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

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