Weekly Market Report

REIWA is reporting there were 3,270 properties for sale last week in Perth, a 4.9 per cent decrease from the previous week. This reduction includes a 5.1 per cent drop in house listings to just 1,881 houses, a 3.9 per cent decline in unit listings to 913 units, and a 5.9 per cent decrease in vacant land listings. Compared to a year ago, listings are down by a massive 41.5 per cent.

Sales transactions in Perth saw a 5.9 per cent decline last week, with 901 transactions reported by REIWA members. The dip in activity in the market was to be expected with the anticipation of the WA Day long weekend. Sellers typically hold off launching their homes to market until after a public holiday while buyers are less active as they wind down for the long weekend.

REIWA is reporting there were 2,405 properties for rent last week, stable from the previous week. This figure is 8.5 per cent higher than four weeks ago and 16.4 per cent higher than last year.

REIWA members reported 680 properties leased last week, a 3.7 per cent increase from four weeks ago and 23.2 per cent higher than a year ago.

The rental market appears to be easing slightly with sustained heightened supply. A positive sign for tenants looking for rentals in the coming weeks.