Real Estate Institute of Western Australia’s (REIWA) Perth market report for the week ending 26 August showed that sales activity in the city declined 6%.

The shift was associated with the 6% decrease in house sales, a 12% fall in unit sales, and a 3% drop in vacant land sales over the week.

An increase in activity recorded at the higher end of the market was highlighted in the report, as Home sales in the segment valued at more than $2,000,000 increased to nine during the week.

For reference, the four-week average is five sales per week.

A total of 13,594 properties were put up for sale by the end of week. All in all, slight declines logged were not alarming, especially when compared to 2017 data.

“A closer look at listing stock levels shows house listings remained stable, whilst listings for units and vacant land increased by 1%.”

“This week's total figure is 4% lower than levels seen four weeks ago, but are 2% higher than levels seen a year ago,” said the report.

In terms of rental market, the city saw 7,775 properties for rent in Perth at the end of this week, down 2% when compared to the preceding week.

This week's rental listings figure was 5% lower than one month ago, and is 24% lower than the numbers recorded during the same period last year.

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