The Perth market showed slight signs of weakening during the week of September 23, as sales activity and properties for rent declined, while the stock of homes for sale increased.
The Real Estate Institute of Western Australia’s (REIWA) Perth Market Snapshot revealed that sales were down by 1% last week overall, although this was primarily linked to a 44% drop in vacant land sales, as house sales and unit sales saw increases of 4% and 3%, respectively.
Digging deeper, the slowing rise in population in Western Australia may also have influenced the sales volume. As the Australian Bureau of Statistics recently disclosed, the state’s population growth is presently at .8% – a change brought about by lower levels of net migration, which has an impact on housing demand.
There were 13,853 properties for sale in Perth this week, which is a 1% increase compared to last week. Month-over-month, the week’s overall listing figure is 2% higher, while year-over-year, the recorded number is up by 4%.
Finally, REIWA members reported that there were 7,268 properties for rent in Perth this week, down by 2% when compared to the past week.
The week's rental listings figure is 7% lower than levels seen about a month ago and 27% lower than the same time in 2017.
