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Perth sales rebound after double-digit decline

The roller-coaster ride of Perth’s sales activity continues following the most recent double-digit decline.

Sales activity in Perth has rebounded once again, increasing 5 per cent to 922 transactions in the week ending 23 May 2021, the latest data from the Real Estate Institute of Western Australia (REIWA) has revealed.

REIWA attributed the increase to a 5 per cent rise in house sales and a 21 per cent rise in vacant land sales during the week. Meanwhile, unit sales remained unchanged.

This follows a 14 per cent decline in the week ending 16 May, when only 889 transactions were recorded, as house, unit and vacant land sales decreased by 13 per cent, 15 per cent and 26 per cent, respectively.

A similar trend was observed in the weeks prior, when Perth was impacted by a new lockdown and subsequent restrictions.

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Week ending

Sales activity

Week-on-week change (Overall)

Week-on-week change (House sales)

Week-on-week change (Unit sales)

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2 May 2021

645

-34%

-33%

-50%

9 May 2021

1,042

62%

65%

79%

16 May 2021

889

-14%

-13%

-15%

23 May 2021

922

5%

5%

0%

(Source: REIWA)

Despite the changing levels of sales activity, REIWA president Damian Collins is confident that overall sales will reach growth of 15 per cent by the end of the year.

“The recovery of the market is widespread across Greater Perth.

“Six to eight months ago, it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board,” Mr Collins said.

Sales v rents

Over the week ending 23 May, 9,118 properties were for sale in Perth, 1 per cent higher than the previous week and 4 per cent higher than a month ago, but 21 per cent lower year-on-year.

Units outperformed houses as it increased 4 per cent, while the latter remained stable. Vacant land sales also remained stable.

Meanwhile, the Perth rental market saw 2,983 properties on the market over the week, 4 per cent higher than the previous week and 9 per cent higher than a month ago, but still 21 per cent lower year-on-year.

Find out more about the top property and home buying trends in your local area at the Better Business Summit 2021. Places are limited so make sure you secure your place at the five-state event asap!

[Related: Research reveals hotspots for mortgage stress]

Perth sales rebound after double-digit decline
Perth sales rebound after double-digit decline
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