- 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.
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 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.