The number of residential property sales in Perth fell sharply last week as agents and owners took an extended break over the Easter/ANZAC extra-long weekend. Just 61o sales were recorded, well down on the previous week’s total of 1060.
Whilst the volume of sales were lower than the same week last year, there were only 2 working days in the past week with 3 public holidays and the weekend accounting for the balance. Almost certainly many sales went unreported and will be accounted for in next week’s statistics.
There was a small fall in listing stock levels (down from 18,206 to 18,015) despite the lower volume of sales as sellers paused their marketing campaigns over the school and public holidays.
In the northern suburbs Nollamara and East Perth continued to show strength with 11 and 9 sales respectively. In the south Thornlie, Canningvale and Forrestfield were the standout performers with 12, 9 and 9 sales apiece.
Stock volumes of both houses and units fell slightly during the week. Land bucked the trend with an increase of 20 properties to 3,102.
While few conclusions can be drawn from this week’s data it seems the trend of the market pulling in opposite directions continues. Sales of residential properties continue to show modest strength but increasing stock levels continue to exert downward pressure on prices.