- During the previous week, sales activity had increased by 5%
- Decrease was caused by 3% fall in house sales and 61% in vacant land sales
- Rental properties listed is higher than it was four weeks ago, but less than a year ago
Following a 5% increase in sales activity the previous week – which occurred during Perth’s most recent lockdown – activity fell by 12% last week, according to data reported by Real Estate Institute of Western Australia (REIWA) members.
The decrease was fuelled by a 3% fall in house sales and a 61% drop in vacant land sales, although the previous week did witness a 140% rise in vacant land sales. Units bucked the trend, recording a 16% rise.
At the end of last week, there were 8,558 properties for sale in Perth, 1% more than the previous week. Total listings remained stable for both houses and vacant land while units increased by 2%.
The total figure from last week is 5% lower than four weeks ago and 18% lower than the same time last year when 10,375 properties were listed for sale.
As a ‘balanced market’ in Perth is considered to have around 12,000 to 13,000 listings for sale, the market is still under supplied and could be best described as a “seller’s market” (around 50% less competition among listings) or ‘tight’.
Ellenbrook and Baldivis were the equal top-selling suburbs last week with 13 properties sold each.
In terms of rentals, 562 properties were rented this week – 341 houses and 221 units. Four weeks ago this had been 606, the same time last year there were 874 rental deals done – so it is down by more than a third from this level. East Perth and Perth were the top suburbs with the most leased properties.
3,013 properties were available for rent by the week’s end – 1,597 houses and 1,416 units. This is an increase compared to four weeks ago when 2,879 properties were available.
This is also a tight market, as it equates to only 1% of total rental stock in Perth. A ‘balanced’ rental market is considered to be around the 3% mark.
The same time last year, there were 3,963 properties for rent. Likewise, Perth and East Perth were the two suburbs with the most available rentals at 156 and 133 respectively.