From the data we are about to tuck into it’s clear that the end of the year is having a its annual impact on the market, with both properties for sale and rent decreasing. This particular decrease in activity however is likely to be short-lived as buyers return from Holidays and subsequently to the market. But what does this mean for sellers and landlords in the local market if interest continues at this level?
A decrease in real estate activity in Perth means that sellers and landlords may have to be more creative in order to attract buyers and renters and be more realistic on pricing.
Properties currently up for sale.
Last week’s Real Estate Institute of Western Australia (REIWA) report showed a drastic decline in real estate activity in Perth. With only 203 transactions reported, activity decreased by 73.6%. This decrease was to be expected due to the number of public holidays and the time of the year.
In terms of the properties available for sale, there were 7,144 properties on the market in Perth at the end of last week, which is a decrease of 5.7% compared to the previous week. This decrease was due to a 5.2% decrease in house listings, 6.6% decrease in unit listings, and 6% decrease in vacant land listings.
When compared to four weeks ago, the total figure of properties available for sale is 15.7% lower, and compared to a year ago, the figure is 10.6% lower.
Properties on the rental market.
In the rental market, REIWA members reported that there were 1,450 properties for rent in Perth at the end of last week, which is similar to the previous week. Compared to four weeks ago, the figure is 22.7% lower, and compared to a year ago, the figure is 23% lower.
Last week, REIWA members reported 155 properties leased, which is 78.4% lower than the previous week.
The REIWA report last week paints a picture of a drastic decrease in Perth’s real estate activity. With a decrease in both properties for sale and rent, it’s clear that the end of the year has had a major impact on activity. To get a full breakdown of the past week’s activity, check out the REIWA Perth Market Snapshot graphic.
*All stats and detail provided by reiwa.com as at 3rd Jan 2023