prowest What’s new in Perth’s Property Market?
Photo courtesy of REIWA.com.au article: Original article found here
Sales activity decreased 15 per cent in Perth this week, with REIWA members reporting 495 transactions compared to 589 last week.
This decrease can be attributed to an 18 per cent fall in house sales, a four per cent fall in unit sales and a six per cent fall in vacant land sales over the week. Comparing figures to those reported back in the last week of June 2019, REIWA members reported a highest weekly activity level of 585 transactions and only a 1.1 per cent decline in house sales.
Listings for sale
There were 14,812 properties for sale in Perth at the end of this week, which is in line with last week however, these reported numbers are less than the amount of properties listed in the last week of June 2019 by 901 properties.
A closer look at listing stock levels shows house listings decreased by one per cent, listings for units remained stable and more vacant land became available for sale with an increase of about four percent.
This week’s total figure is seven per cent lower than levels seen four weeks ago. The amount of listings becoming available are decreasing more in the last few months, as figures report a seven per cent decrease in the last year.
The average days on market for our suburb of Willetton is currently 48 days. Our award winning sales consultant, Don Asplin who is our Willetton representative, has an average days on market of 44 days (reported from sales made between Jan 2019 – Current) with a vast majority of these sales with a days on market lower than 40 days, beating the overall suburb average!
With spring slowly approaching we’re hoping that the numbers start to increase with more home owners looking to list their properties around this time. Read more about winter affecting Perth property sales by heading to the article by clicking HERE.
Perth rental market
REIWA members reported there were 7,324 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 three per cent lower than levels seen four weeks ago and are 16 per cent lower than levels seen a year ago.
Despite the reports of lower listing levels, the current market shows that the amount of days vacant for properties across Perth is sitting on the 2.5 percent mark, reported by REIWA in March. From our own in-house statistics, our days vacant is sitting at 9 days with an average Days on Market of 18.7 days.
Records received from “Rent Find” shows the Perth average days on market is sitting on 38.5 days and an average days vacant of 26.7days. The Perth median weekly rent has increased by 5.7 percent in the last year, which is now around $370.00 per week for a House and $335.00 per week for a unit. This weekly house price is+$20 more than REIWA reported back in March. So despite a low level of rental listings available, lessors should remain hopeful for their properties being listed for rent.
View REIWA’s Perth Market Snapshot graph for a detailed breakdown of the past week, or simply view below
The above article has been sourced from the REIWA website and has been slightly altered by Professionals Prowest Real Estate with numbers and statistics gained within their office and other partnered websites.
