Perth property activity picks up 25%
The Western Australian capital saw a 25 per cent increase in sales activity over the first full week of October.
According to the Real Estate Institute of Western Australia (REIWA), agents across the city successfully transacted 1,024 properties.
In the latest Perth Market Snapshot for the week ending 10 October 2021, it was reported that the boosted numbers came from a 21 per cent increase in house sales, a 25 per cent increase in unit sales, and a 67 per cent increase in land sales.
Alongside the increase in transactions, the city market is also seeing small gains in supply, with 8,445 properties currently up for sale.
House listings in Perth were up by 2 per cent over the week, while unit listings stayed stable and land listings dropped by a mere 1 per cent.
But listings are still markedly down from the same time last year, reportedly 19 per cent lower than they were in 2020.
Rental stats
Alongside the listings and sale statistics, Perth real estate agents are reporting a small increase in the number of rentals available, with 2,289 properties currently available for rent – 2 per cent more than the previous week.
While more properties are coming into the market, it’s coincided with an increase in leasing activity, which was up 16 per cent over the previous week.
There’s also significantly fewer properties currently available to be tenanted than there were at the same time last year – with the proportion of vacancies available down 23 per cent.