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The housing market has steadied this week with the amount of sales transactions reported by REIWA only being .7 of a percent lower than sales reported in the last weeks of October 2019.
Contributing to this decrease is the lessened sales of both Units (7.36%) and Vacant Land lots (7.3%), however there was a slight rise in house sales (1.1%) across Perth.
With talks of the government raising the First Home Owner grants back up for buyers purchasing established homes we could potentially see these figures raise over the next few years, although not yet confirmed, many people are pushing for this to come through. 
Listings for sale
A closer look at listing stock levels shows house listings decreased by 0.7 per cent, units increased by 1.6 per cent and vacant land decreased by 1.5 per cent. REIWA members reported a total of around 14,167 properties listed on the market for sale in Perth this week which is 16% less than reported this time a year ago.
It doesn’t seem like a lot of movement in the market this week, this could possibly attributed to the to hot weather on a couple of weekends or the upcoming impact of Christmas, the December month’s usually slow down for listings & sales however it could be the best time to do some improvements if required around the home, get the landscaping done and any painting etc. Speak to one of our agents to see when the best time to list for sale and whether any minor improvements could boost the overall value of your home.
Rental Market Update
For the second quarter in a row, Perth’s rental market has continued to improve with the vacancy rate lowering to 2.5 per cent, 172 suburbs recorded an increase in leasing activity and 110 suburbs recorded an increase in median weekly rent. Across Perth for the first week of November there was a reported amount of 5,912 properties listed For Rent which is actually 4% lower than seen four weeks ago.
“From an annual perspective listings are down 19 per cent and on average are taking six days less to lease. With the vacancy rate at 2.5 per cent and listings continuing to lower, we could see more pressure put on the rental market which will lead to an increase in Perth’s overall median rent price,” REIWA Deputy President, Lisa Joyce said.
Despite the slight decrease we are seeing more and more tenants through our home opens and an influx of applications for each home, something we haven’t seen in quite some time. In the last 30 days alone we have received over 20 applications for our available properties and over 300 enquiries. Professionals Prowest Real Estate’s average days on market still remains below the Perth overall average, as well as the days vacant, meaning we are leasing our properties faster and with minimal days vacant which in-turn means less of a loss to our landlords
Median rent prices remain stable at $350.00 per week however over 100 suburbs across Perth reported a slight increase in rent price over the Perth median. Areas such as Cannington also saw a slight increase of around $20.00 per week.
“With only seven more suburbs separating the two, we can see how close we are to potentially seeing an increase in Perth’s overall median rent price, which will be the first time since April 2017,”
“From a suburb level, reiwa.com data shows that Madeley had the biggest growth for the quarter with an increase of $25 per week, Munster closely followed with a $23 increase, then Cannington, Carlisle and Carramar which all saw an increase of $20 per week.” REIWA Deputy President, Lisa Joyce
View REIWA’s Perth Market Snapshot graph for a detailed breakdown of the past week.
The article above contains information that has been sourced direct from REIWA’s website, articles have been linked within. Some figures & information have been taken directly from Professionals Prowest Real Estate’s statistics
