Sales activity increased 19 per cent in Perth this week, with REIWA members reporting 579 transactions.
This increase can be attributed to a 17 per cent rise in house sales, a 20 per cent rise in unit sales, and a 31 per cent rise in vacant land sales over the week.
Listings for sale
There were 13,347 properties for sale in Perth at the end of this week, which is two per cent less than last week.
A closer look at listing stock levels shows house and unit listings decreased by two per cent whilst listings for vacant land remained stable.
This week’s total figure is three per cent lower than levels seen four weeks ago, but are four per cent higher than levels seen a year ago.
Perth’s rental market
REIWA members reported there were 7,584 properties for rent in Perth at the end of this week, which is two per cent less than last week.
This week’s rental listings figure is seven per cent lower than levels seen four weeks ago, and are 25 per cent lower than levels seen a year ago.
Leasing activity has increased over the week with 1,140 properties leased during the week.
The rental market is showing promising signs of improvement with easing supply as listings available for rent continue to fall, stronger demand with more leasing activity, and the vacancy rate strengthening 4.5 per cent which is now firmly below 3 year averages.