Sales activity decreased four per cent in Perth this week, with REIWA members reporting 501 transactions.
This week’s sales transactions can be broken down into 376 house sales, 95 unit sales and 30 land sales.
There were 15,741 properties for sale in Perth at the end of this week, which is similar to last week’s listing figure.
In Perth’s rental market, REIWA members reported there were 988 properties leased in Perth this week and 6,927 properties for rent.
2018 Perth residential real estate market overview
Activity levels ranged between 315 and 611 sales per week during 201, which averaged out to be around 498 sales per week.
This is five per cent lower than the 2017 calendar year average of 522 sales per week. Some of the reduction in sales activity can be attributed to fewer land sales, which are approximately 17 per cent lower on average than they were a year ago, whilst house and unit sales have averaged three and five per cent respectively less than a year ago.
Listings for sale increased during the year, rising from 13,075 in January to a high 15,937 in late November.
On the rental front, leasing activity has ranged between 699 and 1,358 per week. The average number of properties leased in 2018 was 1,018 per week, which is 3.8 per cent less than the 2017 average.
Listings for rent have declined significantly throughout 2018, falling from a high of 9,429 in January to a low of 6,927 this week. The vacancy rate has also continued to improve, declining from 5.4 per cent in January to 2.9 per cent in November.
Although leasing activity has been softer in 2018 than in 2017, the vacancy rate has experienced a notable improved due to there being fewer properties available for rent in Perth and slowing new building activity.
Take a look at the breakdown of the past week: