Perth returns to normality

The Perth property market has bounced back to normality in February after a seasonal lull during the Christmas and New Year holiday period.

According to the Real Estate Institute of Western Australia (REIWA), in the three months to February sales returned to the same level experienced in the three months to November last year, before the holiday break.

“The market is humming along at a normal pace and REIWA members are reporting there is plenty of work to keep them busy,” said REIWA president David Airey.

“There was a fall away of sales activity in the central sub-region - that is, broadly within  10 kilometres of the CBD and including Fremantle - while in the north west sub-region there was a lift in turnover through the cities of Wanneroo and Joondalup,” Mr Airey said.

In the last week of February, listings for houses, units and land all increased to reach a total of 9,200 properties on the market.

“This is about 3,000 properties fewer than average, but the market is balanced between supply and demand so it’s nothing to be concerned about,” Mr Airey said.

Also at the end of February, REIWA reported the metropolitan vacancy rate had lifted to 3.8 per cent, the highest level in four years.

“The rental market is going slow, many tenants are breaking their leases early to enter the property market as first home buyers,” Mr Airey said.

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