This week's property round-up

Sales activity contracted over the week, with Reiwa members reporting a decrease in weekly sales to 514.

The overall 25 per cent fall in weekly sales is attributed to a 18 per cent decrease in sales for houses, a 37 per cent decrease in unit sales, and a 53 per cent decrease in vacant land sales over the week.

Total properties listed for sale declined over the week to 13,714. Listings for houses and units both decreased by 6 per cent, while vacant land listings decreased by 5 per cent. The total number of listings recorded this week is 7 per cent lower than four weeks ago and is 4 per cent lower compared to the same time last year.

Turning to the rental market, Reiwa members reported total properties available for rent remained stable over the week at 10,858. This is 1 per cent greater than levels seen four weeks ago but 4 per cent lower than the same time last year.