THE LOCAL MARKET
REIWA is reporting there were 3,359 properties for sale at the end of last week, marking a 1.5 per cent increase from the previous week. Despite this weekly increase, the number of properties available to purchase remains 35.5 per cent lower than the same period last year.
Buyers are continuing to act swiftly to secure properties. Indeed, of the five properties our team placed under offer last week, three were under offer the week they were launched to market.
REIWA is reporting a total of 870 transactions last week, an increase that was primarily driven by a 3.7 per cent increase in house sales, signalling continued strong demand for established homes.
The increase in sales transactions in the house segment underscores the ongoing appeal of established homes in Perth’s market.
THE RENTAL MARKET
In the rental sector, there were 2,295 properties available for rent, a decrease of 5.4 per cent from the previous week. However, this figure is still 34.9 per cent higher than the same period last year, reflecting an increase in rental supply over the long term.
REIWA members reported 721 homes were leased last week, showing a 2.6 per cent increase from the previous week, a 13.2 per cent rise from four weeks ago, and a significant 16.7 per cent jump from the same time last year.
The decrease in rental listings week-on-week, coupled with a year-on-year increase, suggests that while the market is easing, it remains competitive. The increase in leased properties indicates strong tenant demand.
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 171 457 veda@whitehouseproperty.com.au.
