Perth listings lowest since 2014

By Gerv Tacadena | 03 Sep 2019

August was another lacklustre month for Perth in terms of the number of properties available for sale and for rent, according to the recent figures from the Real Estate Institute of Western Australia.

The total number of homes up for sale for the month was only at 13,831 while 6,599 properties were listed for rent. These figures were last seen in late 2014.

While the residential sales market has slightly softened, REIWA president Damian Collins said the rate of price decline seems to be slowing.

"CoreLogic's latest home value index shows dwelling values in Perth declined for another month to 0.5% in August, yet the rate of decline is slowing, which is a positive indication that prices in Perth may be approaching the bottom," he said.

Some suburbs benefitted from their popularity, reporting a prominent reduction in listings percentage-wise for August. Topping the list was Churchlands with the most significant decrease, which was closely followed by Sinagra, Waterford, Shenton Park and Greenwood.

Collins said the slowdown in the market could suggest that the full effects of the recent changes on serviceability rules and the back-to-back rate cuts have yet to manifest.

"Hopefully in time we will see an increase in the number of buyers, otherwise there will be a need for further action by the State Government in relation to land taxes and stamp duty," he said.

In terms of rental listings, Perth witnessed 3% reduction in stock and 5% decline in leasing activity for the month.

"In addition to the decline we've seen during the month, listing stock are now 17% lower than they were a year ago," Collins said.

The top suburbs that have seen a significant decrease in rental listings include Alkimos, Connolly, Willagee, Shoalwater and Greenwood.

"While we have seen Perth's rental market gaining momentum over recent months, we are now starting to see it stabilise with the overall median rent price remaining at $350 per week. Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity – something we are keen to keep an eye on in the coming months," he said.

Top Suburbs : dulwich hill , artarmon , newcastle , west rockhampton , glendenning


Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here