- With the long weekend break, last week saw a 17% decline in weekly sales
- Property stock levels remain unchanged around 9,000 listings for sale
- There are just 2,879 vacant rentals on the market
The long weekend saw a 17% dip in Perth’s sales activity last week according to The Real Estate Institute of Western Australia (REIWA)‘s weekly snapshot. REIWA members reported 783 transactions during the short week.
There were 9,016 properties on the market at last week’s end.
This figure remains on par with the previous week and four weeks ago but is still 19% lower than the same week a year ago.
Breaking this down, there was a 15% decline in house sales, a 14% drop in unit sales and a significant 39% decrease in vacant land sales.
The stock level number is not yet close to ‘balanced market’ levels which is considered to be between 12,000 and 13,000 listings, but it’s heading in that direction.
On the rental side of the market, stock levels increased 2% with 2,879 vacancies at last week’s end.
This figure is crawling towards a national balanced rental market level of between 7,000 and 8,000 listings, or 3% of total dwellings, but is still very tight.
The current figure is unchanged from four weeks ago but still 34% lower than the same week a year ago.