Perth Market Snapshot for the week ending 16 September

Sales activity increased two per cent in Perth this week, with REIWA members reporting 514 transactions.

This increase can be attributed to a seven per cent rise in house sales, despite a 13 per cent fall in unit sales, and a 10 per cent fall in vacant land sales over the week.

Listings for sale

There were 13,740 properties for sale in Perth at the end of this week, which is in line with last week.

A closer look at listing stock levels shows house listings increased by one per cent, listings for units remained stable and listings for vacant land remained stable.

REIWA members reported a median sale price of $503,000 for houses sold in Perth during the last 91 days.

This is $17,000 lower than levels reported three months ago and is most likely attributed to more sales occurring below $350,000 possibly reflecting the increase in first home buyer activity.

Perth’s rental market

REIWA members reported there were 7,440 properties for rent in Perth at the end of this week, which is one per cent less than last week.

This week’s rental listings figure is six per cent lower than levels seen four weeks ago, and are 26 per cent lower than levels seen a year ago.

Take a look at the breakdown of the past week:

Source: www.reiwa.com.au