THE LOCAL MARKET
At the end of last week, REIWA is reporting there were just 3,251 properties for sale in Perth, decreasing another 0.5 per cent from the previous week. House listings increased by 1.7 per cent, however, remain incredibly low at 1,913 homes, while unit listings decreased by 1.8 per cent to 897 units. It is essential to note that the total number of properties available for sale is 8 per cent lower than four weeks ago and 40.9 per cent lower than the levels seen a year ago. This significant reduction in available properties points to the extremely tight market, which will continue to influence pricing and buyer behaviour.
REIWA is reporting an 8 per cent decrease in properties sold compared to the previous week, with just 821 transactions. House sales were down 9.6 per cent, unit sales dropped by 7.9 per cent, while land sales saw an increase of 5.6 per cent.
At White House, we placed THREE properties under offer this week.
Connie Handcock secured a buyer for the property at 5/38 John Street, North Fremantle after one home open and with 9 offers in competition.
Stefanie Dobro and Georgia Hagan, placed two properties under offer this week, with both properties having only launched at the start of the week! After 105 enquiries, 31 home open attendees and 7 offers in competition, 10 Isaac Street was placed under offer to a buyer moving back to Perth from Victoria. 15 Fothergill Street was successfully negotiated with a premium result, with thrilled sellers and excited buyers.
THE RENTAL MARKET
REIWA is reporting there were 2,484 properties for rent at the end of last week, which is 3.3 per cent up on the week prior. This figure is 10 per cent higher than four weeks ago and 15 per cent higher than a year ago. Despite this increase, REIWA is reporting 583 properties were leased last week, which is 13.9 per cent lower than the previous week. With stock continuing to rise and REIWA reporting median rent has remained unchanged for the second month in a row, we may be seeing signs of a steadying rental market.
