- Sales side of the market is still tight, with under 8,000 listings available
- Scarborough topped the charts in Perth this week with 17 properties sold
- Rental market is even tighter, with just 2,700 vacancies
The total number of listings for sale in Perth has held below 8,000 for another week, as property sales remained strong at 930.
A year ago, just as the pandemic was hitting Australia, there were 12,500 properties for sale (37% more).
With 12,000 to 13,000 seen as a ‘balanced market’, the continuing undersupply in the market is leading to lines of people at home opens, with the inevitable rise in house prices (already apparent) to follow.
Scarborough topped the sales charts in Perth this week with 17 properties sold according to sales evidence collected from the Real Estate Institute of WA (REIWA) members.
Most sales agents in Western Australia are REIWA members, so the data is usually thorough.
Baldivis and Rockingham tied in second place with 14 properties sold in each suburb, with a dozen sales in Banksia Grove and Fremantle.
The total property sales in the week reached 1,058, up from 807 of four weeks ago and smashing the 702 properties sold in the same week last year.
930 sales last week represented an 11% decline on the week before, with the main falls in unit sales.
Perth house sales and media price, since 2016
On the rental side of the market, things continue to be even tighter.
706 properties were leased last week, bringing the total available in at 2,768, which equates to a less than 1% vacancy rate. The same week last year there were more than 5,500 available.