From the record lows seen in April, the Perth property market is already seeing signs of recovery. REIWA president stated, “What’s interesting is how quickly, in the last week of April and coming into May, things have bounced back.”.
Last week Perth property sales figures are outperforming last years stats, as well as property sales data from four weeks ago. In the last week, property sales were up 24% compared to the previous year and 42% up compared to four weeks ago.
April saw the lowest level of properties for sale and rent since 2014, and while levels were already on the decline before the COVID-19 lockdowns, the pandemic accelerated this with restrictions on home opens and auctions.
Sale and rental stock levels available last week were lower than four weeks earlier, and drastically down compared to last year. There were 11,567 properties for sale last week compared to 11,903 four weeks earlier and 16,565 last year, that’s a decline of 30%.
Rental stock available is down 31% compared to the same week last year, and 12% down from four weeks ago.
With less properties on the market, this tells us that excess stock is getting soaked up. This is a key indicator to supply and demand, which has been a reasonably long-term trend now. This goes hand in hand with ‘days on the market’ with the average selling days dropping quite significantly which shows that property purchasing has become more urgent.
While we have seen some impacts from the pandemic restrictions, the Perth market hasn’t been affected too seriously and with less stock on the market, rental prices have held their value.
Perth Rental Market
REIWA’s rental market snapshot for the week ending 24 May shows East Perth as the suburb with the most rentals properties available and Scarborough as the suburb that leased the most properties. Compared to the same week in the previous year, last week was down 8 properties (0.8%). Compared to the previous week, there were 2.6% fewer properties on the rental market.
According to REIWA stats, the median rent is currently sitting at $370 and our vacancy rates are still averaging at a record low of 2.4%.
During May, rental properties in Perth sat vacant for an average of 20.9 days and at Benchmark, our landlords saw an average vacancy period of 11.8 days.
Perth Sales Market
Last week, Perth property sales were up 24% compared to the previous year. There were 590 property sales last week made up of 415 house sales, 88 units sales and 87 land sales. The top-selling North of the river suburb was Ellenbrook and the top-selling South of the river was Canning Vale. At the end of the week, there were 11,567 properties for sale in Perth, which is in line with last week.
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