- Perth's weekly sales fell 14% last week compared to the week before
- Stock for both rentals and sales are still well below a 'balanced market'
- Scarborough and Baldivis were the most popular among buyers last week
Perth saw 889 sale transactions across the city last week according to the Real Estate Institute of Australia (REIWA)’s market snapshot. This figure is a 14% drop from the previous week’s sales.
The fall could be due to the post lockdown sales recovery of the previous week.
Property availability is slowly recovering as it increased 1% last week to reach 9,017. This total is 4% up from four weeks ago.
Stock is still 22% lower than the same week last year however, and a far reach from a ‘balanced market’ which would be between 12,000 and 13,000 listings.
Not surprisingly, the large northern suburb of Scarborough produced the most sales last week with 18 properties. Baldivis was a close second with 17 sale transactions.
734 properties were leased last week across Perth, with Inner Perth and East Perth claiming the top spots among tenants.
Rental stock is still considerably low, on par with the previous week, with 2,870 properties listed available for rent last week.
To give this figure some context, Perth’s rental market would be considered ‘balanced’ around the figure of 7,000 – 8,000 listings, or 3% of total dwellings.