After showing its most robust gains since 2013, Perth sales slowed slightly over the past week, due to the fall in unit and vacant land sales, latest figures from the Real Estate Institute of Western Australia (REIWA) show.
The city reported 989 transactions over the past week, lower than the 1025 sales volume recorded in the preceding week. Unit and vacant land sales declined over the period by 17% and 12%, respectively. On the other hand, sales of homes buoyed the overall turnout in the city, growing by 9%.
At the end of the week, 11,004 properties were up for sale in the city, representing a 1% increase.
Listings of homes remained stable. In comparison, stock levels for units and vacant land declined by 1% and 5%, respectively.
However, the current listing volume in Perth is 3% lower than the levels recorded four weeks ago. On an annual basis, the number of properties up for sale is down by 26%.
Damian Collins, president of REIWA, said the federal and state governments' efforts to boost activity in the construction industry will help boost recovery in the housing market.
"While things are looking positive for the property market, we hope that the recent market activity will not only lead to the recovery we have been waiting for, but also continue post the government schemes which end on the 31 December 2020," he said.
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