Perth Market Snapshot for the week ending 19 August

Sales activity increased 10 per cent in Perth this week, with REIWA members reporting 537 transactions.

This can be attributed to an eight per cent increase in house sales, a 23 per cent increase in unit sales and a seven per cent increase in vacant land sales over the week.

Interestingly, sales priced at less than $350,000 have increased markedly over the course of recent weeks to count for 115 of this week’s sales.

Compared to the 52 week average of 89, there is a clear shift in activity towards the more affordable end of the market, signalling prospective buyers are seeking to capitalise on softer market conditions to find value.

Listings for sale

There were 13,563 properties for sale in Perth at the end of this week, which is in line with last week.

This week’s listing figure is four per cent lower than four weeks ago and two per cent higher than the same time last year.

Perth rental market

REIWA members reported there were 7,935 properties for rent in Perth at the end of this week, which is two per cent less than last week.

This week’s rental listings figure is four per cent lower than four weeks ago and 24 per cent lower than the same time last year.

Source: www.reiwa.com.au