Perth Market Snapshot for the week ending 24 February
Sales activity increased 11 per cent in Perth this week, with REIWA members reporting 634 transactions.
This is the third consecutive week where weekly sales have exceeded 550 and the first time since March 2018 where sales have been more than 600.
A continuation of increased sales activity would be looked upon favourably as the market looks to build momentum after a period of prolonged softness.
Listings for sale
There were 17,220 properties for sale in Perth
during the week, which is two per cent higher than levels seen four weeks ago and seven per cent higher a year ago.
A closer look shows there 10,538 houses for sale, 3,395 units for sale and 3,287 vacant land properties for sale.
Perth rental market
REIWA members reported there were 6,589 properties for rent in Perth at the end of this week, which is two per cent less than last week and 26 per cent lower than levels seen a year ago.
The vacancy rate has strengthened to 2.6 per cent which is a dramatic change from the 7.3 per cent peak observed in July 2017.
Despite no significant increase in leasing activity, the vacancy rate has been able to improve thanks to a reduced level of new supply entering the rental market, allowing existing supply to be absorbed.
Lower levels of rental stock are expected to increase competition amongst tenants and put pressure on rents, which is likely to cause rents to rise in 2019.