Just 618 property transactions were reported in Perth last week, a 20 per cent drop on the week prior.
According to the Real Estate Institute of Western Australia (REIWA), the lower number of sales recorded for the week ended 8 March 2020 can be attributed to a 20 per cent decrease in house sales, 29 per cent less unit sales and a 10 per cent decline in vacant land sales.
The decline is despite a slight increase in listings in comparison to the previous week, with lower figures likely attributable — at least in part — to Labour Day falling on Monday, 2 March 2020.
According to the REIWA, there were 12,527 properties for sale in the city at the end of the week — 1 per cent higher than the previous week.
Breaking down the statistics by property type, a 2 per cent increase in listing stock was observed for houses, while listings for units also increased by 1 per cent.
A simultaneous 1 per cent decrease in vacant land listings was recorded.
Despite the near-term gain, the REIWA highlighted that the listings volume is down by 26 per cent on the same period last year.
Rental listing volumes are also down on last year’s results, a 16 per cent decrease on listings from this time last year.
Current figures are still 4 per cent higher than the rental volume that was on offer the week prior, with 5,573 properties up for rent inon final count at 8 March 2020.
Just 780 properties were leased across Perth for the week ended 8 March, a 30 per cent decrease in activity.