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REIWA members reported sales activity increasing by five percent across the Perth sales market this week with reports showing a number of 583 transactions. REIWA members reported at the end of the first week of September a total of 599 transactions which was a 10 percent increase of sales activity since August.
Despite the look of a decrease in transactions since the start of the month, REIWA advises that within the transactions reported there is a three per cent rise in house sales and a great 27 per cent rise in unit sales. However, unlike the start of the month vacant land sales have decreased this week by nine per cent. Whereas the start of September showed a rise of 36 per cent in vacant land sales. This could potentially be due to the major banks taking on the decrease in the service rate for their loans; for more information on this you can see our article on the APRA changes and how this affects your borrowing capacity vs. your household income… link HERE
Listings For Sale
Across Perth this week, REIWA reported 13,814 properties listed for sale which is very similar to the amount listed in the first week of September (13,802).
These numbers can be attributed to a rise in house sales, although a drop in numbers for both units and vacant land whereas the start of the month showed decreases in all house, unit and vacant land listings. These levels of numbers are actually 17 per cent lower than levels seen over a year ago in Perth.
Professionals Prowest Real Estate currently, as of 20/09/2019, has a stock with 73% being house listings and a 16% vacant land listings available with an 11% portion being unit listings.
Perth Rental Market
In the rental market this week, REIWA members reported a total number of 6,842 properties available to rent this week which is around five per cent lower than levels of properties reported at the beginning of the month.
These levels are also 17 per cent lower than those seen in Perth a year ago.
In Willetton, the average house (3+ bedrooms) is achieving a weekly rent price of $420.00 (as per reported by Realestate.com.au).
Leasing activity has seen some light with a nine per cent increase across Perth this week, reportedly 1,071 properties leased. The current average days on market in Perth is sitting at 39 days with a vacancy rate of 27 days.
To find out more about our statistics and how we can help you and your investment in a “slow moving” market, call or email our head of department Julie Jones to organize your FREE, Non-Obligation rental appraisal on 08 9457 5733 / bdm@prowest.com.au
View REIWA’s Perth Market Snapshot graph for a detailed breakdown of the past week.
Disclaimer: The information contained herein have been sourced directly from reiwa.com.au. However, the above article/s have been slightly altered with information direct from Professionals Prowest Real Estate’s statistics.
