Perth sales boom slows as supply improves
Perth’s sales activity has continued its growth trajectory, albeit at a slower pace compared with the first quarter.
Sales activity in Perth has increased by 7 per cent to 979 transactions over the week ending 25 April, with unit sales outpacing house sales following growth of 13 and 11 per cent, respectively, new data from the Real Estate Institute of Western Australia (REIWA) has revealed.
This was the second consecutive week that sales activity across Perth has clocked an increase, following the double-digit decline (22.2 per cent) witnessed over the Easter long weekend.
However, vacant land sales declined 39 per cent across the WA capital, possibly as a result of the HomeBuilder stimulus windup.
While other capital cities are reporting undersupply issues, Perth seems to be doing well, with a total of 8,737 properties still up for offer at the end of last week – 1 per cent more than the week prior.
House listings increased 2 per cent, while unit listings and vacant land decreased by 1 per cent each.
REIWA, however, pointed out that while supply is trending higher, particularly across the house market, the overall listing figures are currently 27 per cent lower than a year ago.
In contrast with properties for sale, properties for rent are on a downward trajectory, decreasing by 1 per cent over the week to 2,740 properties.
While this marks a 1 per cent increase month-on-month, rental availability is 52 per cent lower on the year.
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