Perth Market Snapshot for the week ending 23 September
Sales activity decreased one per cent in Perth this week, with REIWA members reporting 502 transactions.
This decrease can be attributed to a 44 per cent decline in vacant land sales, despite a four per cent rise in house sales and a three per cent rise in unit sales over the week.
Data released by the Australian Bureau of Statistics last week reveal continued softness in Western Australia’s population growth, currently at a mere 0.8 per cent. This has been primarily driven by weaker levels of net migration and has ultimately impacted demand for housing, translating to lowers sales volumes when compared to earlier in the decade.
Listings for sale
There were 13,853 properties for sale in Perth this week, which is one per cent increase compared to last week.
This week’s total listing figure is two per cent higher than four weeks ago and four per cent higher than the same time last year.
Perth rental market
REIWA members reported there were 7,268 properties for rent in Perth this week, which is two per cent less than last week.
This week’s rental listings figure is seven per cent lower than levels seen four weeks ago and 27 per cent lower than the same time last year.