Property Report For April 2018

Despite showing signs of a possible turn around recently there has been a slight decrease in sales activity for the second week in May with a 1% decline in sales - 551 transactions reported.

Overall a 3% decline in house sales and a 7% decline in unit sales, the latter likely attributed to further restrictions on investment lending and high density properties in CBD areas.

Although despite the overall decline, vacant land sales were up 14 per cent over the week indicating that the long suffering construction section of the market may be heading upwards.

In total, there were 14,801 properties listed for sale in Perth for the second week in May.

Property listings remained steady, while sales listings for units has increased by 1%.

Land sale listing has increase by 3%.

The numbers for the second week in May are on par with levels seen about a month ago but are one per cent lower than this same time in 2017.

For those keen investors, REIWA have reported 8,424 properties are available for rent, 2% lower than a month ago.

In a sign of the significant impact investment lending restrictions had had, along with the low market values, rental listings are down by 22% on 2017.

Source: REIWA