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 30 Oct 2023
Sales transactions in Perth last week exhibited a positive trend, surging by 2.3 percent compared to the previous week. REIWA members reported a total of 997 transactions, reflecting the ongoing dynamism in the real estate market. A closer examination reveals that house sales remained consistent with the previous week, while unit sales experienced a notable increase of 3.7 percent, and vacant land sales saw a substantial rise of 28.1 percent.
In terms of available properties, there were 5,031 listings in Perth at the close of last week, showcasing a level similar to the previous week. This stability can be attributed to listings for houses maintaining a steady presence, while unit listings increased by 1.8 percent, and vacant land listings decreased by 1.8 percent. These dynamics demonstrate the continued equilibrium in the Perth property market, where various property types maintain their presence, offering a variety of choices to potential buyers.
The total number of properties available for sale in Perth in the previous week has seen an increase of 2.8 percent in comparison to four weeks ago. However, it is essential to note that this figure remains significantly lower, marking a decline of 38.9 percent, compared to the inventory levels witnessed in the same period last year. This dynamic signifies the ongoing evolution in the Perth real estate market, where inventory levels have undergone notable shifts over time.
Perth's rental market reported that there were 1,719 properties available for rent in the city at the end of last week, showing a figure consistent with the previous week. This also marks a modest increase of 2.4 percent compared to rental listings from four weeks ago, indicating a relatively stable trend. Moreover, this week's rental listings are similar to those seen in the same period one year ago, underlining a steady and balanced rental market in Perth.
In the latest report, it was noted that there were 604 properties successfully leased in the previous week. This figure reflects a modest decline of 2.9 percent compared to the previous week. However, when viewed from a broader perspective, it shows a substantial increase of 25.8 percent when compared to leasing activities from four weeks ago, indicating a more active rental market. Additionally, this week's leasing figures closely align with those seen in the same period one year ago, emphasizing the stability and consistent demand in Perth's rental market.
