Activity has improved across Perth’s sales and rental markets, with October reiwa.com data revealing an increase of two per cent in sales transactions and 16 per cent in leasing transactions.
REIWA Deputy President Lisa Joyce said it was encouraging to not only see market activity lift across both sectors, but also see improvements on all aspects of the rental market.
“reiwa.com data has shown leasing activity has improved 16 per cent with 4,678 new leases signed in October. Levels this high have not been recorded since January this year,” Ms Joyce said.
The suburb to see the biggest spike in leasing activity was Baldivis with 66 leases in October alone. Morley, Canning Vale, Ellenbrook and Balga closely followed with an average of 40 leases.
Median rent price
“With the median rent price continuing to stabilise at $350 per week and listings for rent reaching the lowest levels since 2014, with only 5,895 listings for rent recorded on reiwa.com at the end of October,’” Ms Joyce said.
“Despite the median rent stabilising, there were still 29 suburbs that recorded an increase to their median rent price, with the suburbs that saw the biggest improvement were Butler, Baldivis, Cooloongup, Jindalee and Warnbro.”
Find out what rental property are currently available in these suburbs.
Perth residential sales market
CoreLogic’s latest home value index shows dwelling values in Perth have declined for another month to 0.4 per cent in October, yet the rate of decline is starting to slow.
Ms Joyce said this is pleasing to see and hopefully in the coming months we can expect to see a gradual improvement, similar to the other capital cities.
Median sale price
“Although overall prices had remained the same as the previous month, reiwa.com data shows 26 per cent of suburbs saw improvements in median sale price, Ms Joyce said.
reiwa.com data revealed the top performers for the month showing the biggest improvement in median sale price were Scarborough, Ballajura, Winthrop, Stirling and Wembley Downs.
Look at what properties are currently listed for sale in these areas.
Overall property market
“There has been a lot of uncertainty surrounding the property market this year, and while we are not seeing the big shifts in levels that we experienced during peak times, it is a positive sign to see the increase in sales and rental activity.
“Perth remains very favourable for buyers and investors at the moment, however I would advise those who are thinking about purchasing their first home, trading up or investing, to act soon and take advantage of current conditions before the market starts to recover and prices inevitably rise,” Ms Joyce said.