​Perth Property Market Update by Josh Mezger – October 2024

Perth’s property market continues to exhibit signs of growth, with sales transactions increasing for the second consecutive week. According to data released by the Real Estate Institute of Western Australia (REIWA), sales transactions rose by 3.7% compared to the previous week, reaching a total of 917.

House sales experienced a particularly strong uptick, rising by 13.3% week-on-week. However, unit sales saw a decline of 21.2%, and land sales increased by 14%. The top-performing suburbs for sales included Rivervale, Baldivis, Ellenbrook, Armadale, and Como.

The number of properties available for sale in Perth also increased by 3.6% compared to the previous week, reaching 4,751. This increase was primarily driven by a rise in house and unit listings, while vacant land listings declined. In the rental market, the number of properties available for rent decreased slightly by 1.6%.

However, rental listings remain 14.5% higher than levels seen a year ago. Overall, the Perth property market is showing positive signs of growth, with increasing sales transactions and a growing number of properties available for sale. As the market continues to evolve, it will be interesting to see how these trends develop in the coming months.

⬆️Sales

Median Value

Homes: $707,000

Units: $470,000

Average Days on Market: 9 (Stable)

⬆️Rentals

Median Rent  

Homes: $650 / week

Units: $600 / week

Vacancy Rate: 1.5%

WhatsApp Josh on +61 (0)488038805 or josh@myperthrealestate.com.au for further information or a confidential discussion regarding buying, selling or renting

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