Perth’s real estate market witnessed a significant surge in sales transactions during the week ending January 14, 2024. According to the Real Estate Institute of Western Australia (REIWA), sales transactions were 45.9% higher than the previous week, totalling 626 transactions reported by REIWA members.
Diving into the specifics, the data reveals a robust performance across various property types. House sales saw an impressive 46.0% increase compared to the previous week, unit sales rose by 45.1%, and vacant land transactions experienced a notable surge of 47.1%.
Top Performing Suburbs – Sales:
- Baldivis – 11 transactions
- Mandurah – 10 transactions
- Butler – 9 transactions
- East Perth – 9 transactions
- Rivervale – 9 transactions
The highest sale price in Perth during this period was recorded in Hamilton Hill at $2,100,000, while the lowest sale price was noted in Furnisdale at $115,000.
As of the end of last week, the total number of properties for sale in Perth stood at 3,792, marking a 4.4% increase from the previous week. This uptick can be attributed to a 9.0% rise in house listings and a 3.1% increase in unit listings, while vacant land listings decreased by 4.0%. Interestingly, the current figure is 4.4% higher than four weeks ago and 47.2% lower than the levels observed a year ago.
In the rental market, REIWA members reported 1,954 properties available for rent in Perth at the end of last week, reflecting a 7.1% increase from the week prior. Despite this weekly rise, the current rental listings figure is 6.3% higher than four weeks ago but 2.1% lower than a year ago.
Top Performing Suburbs – Rentals:
- West Perth – 15 rentals
- Canning Vale – 13 rentals
- Perth – 13 rentals
- Maylands – 12 rentals
- Baldivis – 11 rentals
Last week, REIWA members reported 619 properties leased, marking a substantial 98.4% increase from the previous week. However, this number is 15.1% lower than four weeks ago and 3.5% lower than the same period last year.
The dynamic trends observed in both sales and rental markets indicate a vibrant real estate landscape in Perth. With fluctuations in property listings and transaction volumes, the market continues to present opportunities and challenges for buyers, sellers, and investors alike. As we progress into the new year, keeping a close eye on these trends will be essential for anyone navigating the Perth real estate market.