THE LOCAL MARKET
As we close out the unseasonally warm last weeks of autumn, we would have anticipated a higher number of new listings coming to market. However, the gridlock created by a shortage of houses for sale and lease and market-ready sellers not wanting to list their property for sale until they find something to buy, is perpetuating record-low levels of listings.
REIWA is reporting there were just 3,511 properties for sale in Perth at the end of last week, slightly lower than last week’s figure of 3,534. Remarkably, there are just over 2000 houses for sale across the metropolitan area, just over 1000 units and fewer than 500 blocks of land. Listings still remain a significant 41.2 per cent lower than a year ago! So, if you’ve had any thoughts of selling, now truly is an excellent time to come to market!
THE RENTAL MARKET
The number of listings available for rent is continuing to increase which aligns with the normal seasonal trend with more listings usually becoming available as we head into winter.
REIWA is reporting the rental market saw a slight increase last week, with 2,326 properties for rent, up 3 per cent from the previous week. This figure is 11.9 per cent higher than four weeks ago and 12.2 per cent higher than a year ago. With supply increasing steadily in recent weeks, these figures may indicate some relief in the rental market.
REIWA is reporting 637 properties were leased last week, maintaining stability compared to the previous week and four weeks ago, and an 8.5 per cent increase from a year ago.
If you have been considering leasing your property or would like to know more about leasing your property, please get in touch with Monique Malarowski on 0418 228 524 monique@whitehouseproperty.com.au or Veda Spence on 0499 171 457veda@whitehouseproperty.com.au.
