Residential property for sale lease feature
Residential property for sale or lease is in short supply. Photo – The Property Tribune.
  • The weekly 'Property Snapshot' shows sales activity reported from REIWA members
  • 836 sales was 1% less than a week ago, but 29% up on same week last year

West Australian property sales agents have reported another strong week of house and unit sales, up 29% from the same week last year (pre-Covid).

Time will tell as to what the current 5-day lockdown for Perth and some WA regions will do to sales this week.

As explained by REIWA President Damian Collins at last week’s annual API-REIWA breakfast, 50,000 property sales for 2021 are expected, meaning levels averaging a thousand a week. So 836 sales last week was not a surprise.

The total amount of listings for sale are 8,310, which represents an under supply, according to REIWA, which defines a ‘balanced market’ at around 12,000 to 13,000 properties.

With February having arrived, more listings may come onto the market, as summer holidays are over (albeit extended one week), and media reports of record prices and booming property markets continue unabated.

The same week last year, there were just over 12,000 listings for sale.

Rental Market

There is also short supply over on the rental market, with only 2,864 properties available, less than half than the 5,905 a year ago.

826 properties were leased last week, again, a far cry from the 1,309 snapped up during the same week in January 2020.

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