Perth sales slump, rents stabilise
The Perth sales market has hit a slow patch but its ailing rental sector has begun to even out.
New data from the Real Estate Institute of Western Australia (REIWA) shows sales activity plummeted in the three months to August by 25 per cent.
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Around 1,734 sales were recorded in August, down six per cent on July.
The cities of Stirling, Fremantle, Vincent and Kwinana reported the weakest results.
Listings numbers also climbed over the month, with stock levels up by one per cent across Perth.
REIWA president David Airey said buyers were typically less active in winter.
“There is always a seasonal dip in sales during the winter months and this tends to pick up as we head into spring weather,” Mr Airey said.
However, he also said low consumer confidence was impacting the market.
Meanwhile, the median rent has levelled out despite rising availability.
“This is steady at $450 per week despite the high vacancy rate of 4.2 per cent in the three months to August,” Mr Airey said.
Nonetheless, the number of rental listings is also on the up – the REIWA recorded a 47 per cent rise on the same time last year.
“While these listings came down a little for the month of August, they had increased through June and July by around 10 per cent,” Mr Airey said.
“Many of these new rentals were through Joondalup, Wanneroo, Armadale and Cockburn."
