Sales activity increased 29 per cent in Perth this week, with REIWA members reporting 621 transactions.
This increase can be attributed to a 29 per cent increase in house sales, a 34 per cent increase in unit sales and a 19 per cent rise in vacant land sales over the week.
The steep rise in weekly sales comes after an extended period of soft sales activity with weekly sales not exceeding the mid-500 mark since March 2018.
There is certainly more optimism around the local economy and data released last week reiterates improving conditions with a stronger labour market and return to economic growth.
It will be interesting to see if this momentum can continue for the rest of the year and into 2019.
Listings for sale
There were 15,740 properties for sale in Perth at the end of this week, which is two per cent more than last week.
A closer look at listing stock levels show house listings increased by two per cent, listings for units increased by three per cent and listings for vacant land increased by one per cent.
This week’s total figure is seven per cent higher than levels seen four weeks ago and five per cent higher than levels seen a year ago.
Perth rental market
REIWA members reported there were 7,039 properties for rent in Perth at the end of this week, which is similar to levels recorded last week.
This week’s rental listings figure is on par with levels seen four weeks ago and 26 per cent lower than the same time last year.
Take a look at the breakdown of the past week: