Not surprisingly, sales activity dipped this week due to the long weekend which based on REIWA’s historic data does not happen when Australia Day falls between Tuesday and Thursday.
Reported activity was down 11% with house sales off 9% whilst multi-residential activity was down 20%. The fall in activity was consistent north and south of the river.
The early trend of weaker activity in 2015 continued this week with sales down 8% on the same time last year.
The long weekend did little to excite vendors to list with property for sale up just 1% this week.
Whilst new leases were down this week, so too are rental listings which peaked two weeks ago and this reflects a similar trend in January for the past two years.
We should get a clearer picture of rental trends over the next few weeks as the March quarter is traditionally the strongest demand period.