After last week’s 9% increase in reported activity, sales have retreated 7% this week back to a similar level reported a fortnight ago.
More importantly, sales over the past three weeks have been at or above levels reported across the second half of 2014 which maybe an early sign of a stronger outcome for the March quarter as consumer confidence responds to the positive effects of the recent interest rate cut and lower fuel prices.
As Westpac note in their February edition of its Red Book, the “time to buy a dwelling index” has rebounded and sits 20 points above the rest of the nation.
However other weekly indicators are giving mixed signals with listings for sale rising to a similar level to the pre festive peak of 13,300.
Rental listings have plateaued in recent weeks around 6, 250 and whilst property leased this week (1258) is 22% above this time last year, it has dipped around 15% from four weeks ago.