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House sales have just managed to pull up Perth’s sales activity over the last week despite a corresponding 20 per cent drop in vacant land sales.
The latest data from the Real Estate Institute of Western Australia (REIWA) has revealed 900 transactions took place over the week ended 18 October 2020.
Overall, sales activity increased by 1 per cent in the state’s capital, which the institute said was attributable to a 6 per cent increase in house sales.
The house sale increase was offset by a 4 per cent drop in unit sales and the 20 per cent fall in vacant land sales.
In line with the week prior, 10,379 properties were reported as being for sale in Perth at the week’s end, with listing stock levels maintaining their stability across houses, units and vacant land.
COVID-19 appears to still be having a reasonable impact on stock levels, which are down 26 per cent compared with the same period in 2019.
On the other hand, vacancy rates appear to be tighter than they were 12 months ago.
The number of rental listings on the Perth market appears to have halved since the corresponding 2019 figures. REIWA has reported that there are currently 2,879 properties available to rent in Perth, which is 53 per cent lower than stock levels seen at the same time last year.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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