Sales activity rebounds in Perth following double-digit decline
The rollercoaster ride of Perth’s sales activity continues following the most recent double-digit decline.
Sales activity in Perth has rebounded once again, increasing 5 per cent to 922 transactions in the week ended 23 May 2021, the latest data from the Real Estate Institute of Western Australia (REIWA) has revealed.
REIWA attributed the increase to a 5 per cent rise in house sales and a 21 per cent rise in vacant land sales during the week. Meanwhile, unit sales remained unchanged.
This follows a 14 per cent decline in the week ended 16 May, when only 889 transactions were recorded, as house, unit and vacant land sales decreased by 13 per cent, 15 per cent and 26 per cent, respectively.
A similar trend was observed in the weeks prior, when Perth was impacted by a new lockdown and subsequent restrictions.
|
Week ended |
Sales activity |
Week-on-week change (overall) |
Week-on-week change (house sales) |
Week-on-week change (unit sales) |
|
2 May 2021 |
645 |
-34% |
-33%
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|
-50% |
|
9 May 2021 |
1,042 |
62% |
65% |
79% |
|
16 May 2021 |
889 |
-14% |
-13% |
-15% |
|
23 May 2021 |
922 |
5% |
5% |
0% |
Despite the changing levels of sales activity, REIWA president Damian Collins is confident that overall sales will reach growth of 15 per cent by the end of the year.
“The recovery of the market is widespread across Greater Perth,” Mr Collins said
“Six to eight months ago, it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board.”
Sales vs rents
Over the week ended 23 May, 9,118 properties were for sale in Perth, 1 per cent higher than the previous week and 4 per cent higher than a month ago, but 21 per cent lower year-on-year.
Looking closer into listing stock levels, units outperformed houses as they increased 4 per cent while the latter remained stable. Vacant land sales also remained stable.
Meanwhile, the Perth rental market saw 2,983 properties on the market over the week, 4 per cent higher than the previous week and 9 per cent higher than a month ago, but still 21 per cent lower year-on-year.
More from this writer:
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Why it’s still worth selling – even in lockdown
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Over 200 Perth suburbs see winter price growth
-
Auction volumes on their way back up
-
Low interest rates drive record refinancing
-
Tassie’s own $20k HomeBuilder grant finds early success
-
Capital cities see stronger auction success
-
2020 vs 2021: How lockdowns have impacted the market