Sales rise as rentals tighten in Perth

Sales activity in Perth increased by 11.4 per cent in the week preceding 29 May 2022, with a 10.8 per cent rise in house sales and a 12 per cent increase in vacant land sales credited with causing the rise. Sales activity had the potential to increase more if it weren’t for a 1.8 per cent reduction in unit sales through the week.

Real Estate Institute of Western Australia (REIWA) members reported 959 transactions during the week, an increase in the number of transactions recorded four weeks ago and during the same week last year.

Of those 959 sales, 710 were houses, 194 were units, and 55 were vacant lots, with the Baldivis, south of the Swan River, recognized as the top-selling suburb, with 26 sales achieved last week.

Making up the 8,521 property listings in Perth last week up 1.1 from the week prior. Also increasing by 1.1 per cent from the previous week is the number of housing (4,421) and vacant land (1,683) listings, with unit listings (2,407) increasing by 1 per cent from the week before. This volume of listings is the exact same as it was four weeks ago and approximately 700 less than the same time last year.

In the rental sphere, there were 2,315 properties for rent in Perth at the end of last week, according to the reported results from REIWA members.

These figures represent a 2 per cent decrease on the previous week, as well as a 7.3 per cent decrease from four weeks prior and 18.6 per cent from the same week last year. Meanwhile, leasing activity has decreased 4 per cent in the last week, with just 689 properties leased during the week. This represents a rise in the number of rented properties from four weeks ago (586) but a decline in the figures from the same week last year (750).

Perth was the best-performing suburb regarding leased properties, with 31, and available rentals, 97. East Perth was the second-best performer in both categories, having leased 16 properties the previous week from 89 available rentals.

Furthermore, rents in and around Perth have declined by 2 per cent, with the median rent now sitting at $500 per week, allowing the West Australian capital to remain as the third-cheapest capital city with regards to median rent.