Sales transactions in Perth for the past week saw a 1.4% increase compared to the prior week, with REIWA members reporting a total of 987 transactions. This upturn in sales activity indicates ongoing dynamism in the local real estate market.
weekly market snapshot
Perth weekly market snapshot for the week ending 22 Oct 2023
During the last week, sales transactions in Perth experienced a 1.4% increase compared to the previous week. REIWA members reported a total of 987 transactions. A more detailed analysis reveals that house sales surged by 3.1% from the prior week, while unit sales remained stable in comparison. However, vacant land sales experienced an 11.1% decline during this period. These fluctuations in specific property types underscore the dynamic nature of the Perth real estate market.
As of the end of last week, there were a total of 5,012 properties available for sale in Perth, a figure that remains largely unchanged from the prior week. This steadiness can be explained by the stability in house listings, which offset the 1.2% reduction in unit listings and the 2.0% decrease in vacant land listings. These trends indicate a balanced and resilient real estate market in Perth.
The total number of properties available for sale last week closely resembles the figures from four weeks ago. However, it's worth noting that this figure is 39.4% lower than the inventory levels recorded a year ago. This significant year-on-year decrease reflects the evolving dynamics in the Perth real estate market.
In Perth's rental market, REIWA members reported 1,708 properties available for rent at the end of last week. This figure represents a 1.0% increase compared to the previous week. Moreover, it's 2.5% higher than the rental listings reported four weeks ago and 2.4% higher than the listings from a year ago. These trends suggest a gradual increase in rental supply over recent weeks and months, providing more options for prospective tenants.
According to reports from REIWA members, there were 623 properties leased in Perth last week. This represents a notable 9.1% increase compared to the prior week and a 6.1% increase over the figures from four weeks ago. However, it's worth noting that this figure is 5.0% lower than the number of properties leased in the same week of the previous year. These fluctuations in leasing activity reflect the evolving dynamics in the Perth rental market.
