Perth property market shows promise
Perth saw a 19 per cent increase in sales activity over the last week, proof that the local property market is gearing up for its spring selling season.
In a Real Estate Institute of Western Australia market snapshot for the week ending 23 August, a 14 per cent rise in house sales was reported.
Unit sales were also up by 39 per cent, while vacant land sales saw a 26 per cent increase.
Despite the increase in transactions, house listings are down 2 per cent on the week prior, which was offset by 2 per cent increases to unit and vacant land listings.
It’s a slight improvement on July’s listings, up 1 per cent across all three categories of property.
Despite this, COVID-19 has still put a dampener on activity, with listings still down almost a quarter (24 per cent) compared to the same period in 2019.
On the flipside, demand for rentals appears to be increasing, with available listings dropping by 1 per cent week-on-week.
With 3,314 rental properties currently being advertised, the figure is 11 per cent lower than four weeks ago.
It’s also 51 per cent lower compared to advertised listings in August 2019.
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