Perth has recorded a steady increase in sales activity during the first week of the month, driven by the boost in land sales, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
Over the first week of the month, overall sales activity in Perth increased by 5%. This strong rise was due to the 140% increase in vacant land sales, which offset the sales declines of 3% for houses and 27% for units.
In terms of listing, 8,933 new properties were added to Reiwa.com at the end of June. This is 1% lower than at the end of May.
"We saw a small decline in listings at the end of June compared to May, but compared to three months ago, listings for sale have increased 8.1%. On an annual basis, stock levels remain 13.4% lower than they were at the end of June 2020,” said Damian Collins, president of REIWA.
Rental listings also declined in Perth, down by 29% from the same period last year.
Figures from REIWA showed that the price growth in Perth hit 0.2% over the past month.
Collins said the smaller growth rate recorded in June is not surprising given the traditional winter slowdown. Still, Collins believed that the growth is encouraging.
"This will hold Perth in good stead as we transition out of winter and into the spring selling season in the coming months,” he said.
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