THE LOCAL MARKET
We’ve seen stock levels drop yet again. REIWA is reporting there were 3,438 properties for sale in Perth at the end of last week, marking a 2.1 per cent decrease from the previous week. This reduction reflects a 1.5 per cent drop in house listings, a 6 per cent decline in unit listings, and a 3.7 per cent rise in listings for vacant land. Compared to four weeks ago, the total number of properties for sale is down by a further whopping 5.6 per cent, and it is 41.6 per cent lower than the levels seen a year ago.
Last week saw a notable increase in sales transactions across Perth, rising by 9.8 per cent from the previous week. According to REIWA members, there were 967 transactions, with house sales up by 3.7 per cent, unit sales soaring by 27.5 per cent, and land sales increasing by 15.3 per cent.
The overall rise in transactions reflects a market with strong buyer interest. The significant jump in unit sales suggests heightened demand for more affordable or lower-maintenance living options. However, the decline in available properties for sale, especially when compared to a year ago, suggests that the market is continuing to tighten.
THE RENTAL MARKET
REIWA is reporting there has been a 3.8 percent increase in the number of properties available to rent. As of Sunday 26th May there were 2,414 properties available for rent. This figure is 15.2 per cent higher than four weeks ago and 22.5 per cent higher than the same period last year. The increase in rental listings indicates the rental market may be beginning to ease, with steady increases in supply.
REIWA is reporting that 681 properties were leased last week, which is a 7.6 per cent increase from the previous week, 18 per cent higher than four weeks ago, and 1 per cent higher than 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 171 457 veda@whitehouseproperty.com.au.
