Perth market softening according to REIWA

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The Real Estate Institute of Western Australia (REIWA) believes recent sales figures show Perth’s property market is softening. 

In their weekly Market Snapshot for the week ending June 3, REIWA released figures showing house sales in the city had dropped 20% compared to the previous week. 

While REIWA said the WA Day public holiday played a role in the week on week decrease, figures from the same week from the previous two years paint a broader picture. 

“While the dip in activity across Perth was not unexpected, it does highlight the general softness in activity in 2015, with sales off 17 per cent on the same week last year, and more significantly 32 per cent down on the 2013 WA Day week,” the Market Snapshot report said. 

For the week ending June 3, combined house, unit and land sales in Perth totalled 434 compared to 695 for the same week in 2014. 

While sales for the week were down in comaprision to the same time last year, property listings have risen by almost 4,000. 

For the same week last year there were 10,412 properties listed for sale in Perth compared to 14,293 this. 

Properties listed for rent have also seen an increase, with 5,440 listed this time last year compared to the 7,609 listed this year. 

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