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  • Sales and leasing activity improve in Perth

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    Activity improved across both the sales and rental markets in Perth in the three months to March, with house sales transactions increasing by 30 per cent over the three month period and leasing activity increasing by 24 per cent.

    REIWA President Hayden Groves said it was encouraging to see market activity lift notably across both sectors of the Perth property market.

    “Signs are certainly beginning to suggest that the worst may be over in Perth. Home buyers, investors and tenants are clearly taking advantage of favourable conditions to secure their dream home, property investment or rental lease,” Mr Groves said.

    Leasing activity

    reiwa.com data shows that not only did leasing activity in Perth improve by 24 per cent in the three months to March, levels were also up 35 per cent when compared to the same time last year.

    Additionally, all five sub-regions experienced notable hikes in activity levels, with leasing activity in the North West sub-region the standout.

    “While the rental market certainly still presents its challenges for landlords with listing levels remaining high, tenants are very active right now. I advise landlords to listen to the advice of their property managers when advertising their property for lease. The market remains competitive, but provided your rental is priced and presented well, you have a very good chance of securing a tenant,” Mr Groves said.

    Sales activity

    In the residential sales market, reiwa.com data shows house sales activity held up relatively well on an annual basis, adjusting back slightly by one per cent in March 2017 compared to March 2016, while listings for sale declined by three per cent on an annual basis.

    “Sales activity in Perth appears to be stabilising. We’re not seeing the big shifts in levels that we once were, and in fact, we’re regularly seeing activity levels show signs of improvement which is pleasing.

    “Listing levels are also stabilising, with the rate of increase slowing over the last year,” Mr Groves said.

    For a quick wrap up of how the Perth property market performed in March, watch our latest market update video.