Unlocking the latest insights into Perth’s real estate scene, our weekly recap for the week ending November 26, 2023, reveals a surge in transactions and unveils the dynamic trends shaping the market.
Perth Real Estate Transactions Soar:
In a standout week, sales transactions in Perth rose by an impressive 13.6%, totaling 1,068 transactions, according to reports from REIWA members.
Diverse Sales Landscape:
A closer look at the data showcases the diversity in property sales:
- House sales surged by 8.8% from the previous week.
- Unit sales witnessed a substantial increase of 17.6%.
- Vacant land sales experienced an impressive 44.7% upswing.
Top-Performing Suburbs:
The top suburbs, driving Perth’s real estate activity, include:
- Baldivis – 20 transactions
- Scarborough – 20 transactions
- Mandurah – 18 transactions
- Armadale – 16 transactions
- Canning Vale – 15 transactions
Mandurah Shines in the Spotlight:
A special mention goes to Mandurah, securing the third position in the list of top-performing suburbs. With 18 transactions, Mandurah emerges as a key player in the dynamic Perth real estate landscape.
Highest and Lowest Sale Prices:
Dalkeith claimed the highest sale price in Perth at a remarkable $3,800,000, while Inglewood secured the title of the lowest sale price at $220,000.
Listings and Market Trends:
At the close of last week, Perth showcased 4,928 properties for sale, maintaining stability compared to the previous week. Noteworthy changes include a 1.4% increase in house listings, stable unit listings, and a 2.7% decrease in vacant land listings.
The total figure of properties available for sale is 2% lower than four weeks ago and significantly lower by 42.9% compared to levels seen a year ago.
Rental Market Resilience:
In Perth’s rental market, REIWA members reported 1,982 properties for rent at the end of last week, marking a 4.1% increase from the week prior. Rental listings surged by 15.3% compared to four weeks ago and 4.8% compared to a year ago.
Top Rental Suburbs with a Spotlight on Mandurah:
The top-performing suburbs in rentals were:
- Perth – 25 properties
- East Perth – 15 properties
- Alkimos – 12 properties
- Gosnells – 12 properties
- Scarborough – 11 properties
Notably, Mandurah maintains its prominence, further establishing itself as a sought-after rental destination.
Lease Dynamics:
Despite the increase in available rental properties, last week recorded 613 properties leased, reflecting a 5.1% increase from the previous week. This is a positive trend, showcasing resilience in Perth’s rental market.
For an in-depth visual breakdown of the past week, explore our Perth Market Snapshot graphic.
Stay tuned for our next Perth Real Estate Update, as we continue to unravel the evolving story of Perth’s real estate landscape.
Ready to unlock your property’s full potential? Contact David Beshay for a personalised and accurate in-person assessment that aligns with the dynamic real estate landscape in Mandurah. Contact David Beshay here to get the most up to date appraisal of how much your home will be worth in this market! Otherwise feel free to view David’s recent sales here
