Perth’s real estate market saw a noticeable dip last week, with overall sales transactions falling 19% compared to the previous week, despite growing optimism among buyers.
According to the Real Estate Institute of Western Australia (REIWA), total transactions dropped to 869, with:
However, buyer sentiment is improving.
The number of properties listed for sale in Perth last week ended at 4,969, a 2.9% increase from the previous week.
Detailed figures show house listings rose by 3.1%, unit listings by 2.9%, and land listings by 1.7%. When compared year-over-year, the current listings represent a 24% increase, indicating a significant rise in available properties.
The rental segment also experienced fluctuations.
REIWA’s data showed that there were 2,087 rental properties available by week’s end, a 3.5% increase from the prior week. Despite this rise, the total is 2.5% lower than four weeks ago but still 16% higher than the same period last year.
As of February, Perth’s median weekly rent stands at $680 for houses and $620 for units, REIWA reported. This reflects a significant increase from previous years, with the median rent for houses rising by 8.1% compared to the same period last year.
Last week, 551 properties were leased, marking a 20.1% decrease from the week before and a 23.4% drop from four weeks prior, yet it’s still a 16.2% increase from the previous year.
In sales, the top performing suburbs were Baldivis with 18 transactions, followed by Canning Vale and Cottesloe, each with 14, and East Perth and Perth, both with 13. The highest sale recorded was in Watermans Bay at $2,850,000, while the lowest was in Glendalough at $405,000.
In rentals, Perth led with 21 leases, followed by Baldivis with 18, and East Perth with 13, REIWA data showed.
The REIWA report can be accessed via LinkedIn.
