This week's property round-up

Sales activity contracted over the week, with Reiwa members reporting a decrease in weekly sales to 512.

The overall 8 per cent fall in weekly sales is attributed to an 8 per cent decrease in sales for houses,and a 27 per cent decrease in vacant land sales, despite unit sales increasing 7 per cent over the week.

Total properties listed for sale fell by 3 per cent over the week to 12,917. Listings for houses, units and vacant land all decreased by 1, 2 and 9 per cent respectively. The total number of listings recorded this week is 3 per cent lower in comparison to four weeks ago and is 8 per cent lower than the same time last year.

Turning to the rental market, Reiwa members reported total properties available for rent contracted over the week to 10,071. This is 5 per cent lower than levels seen four weeks ago and is 9 per cent lower than the same time last year.