This week's property round-up

There was a small 3% increase in overall sales activity reported last week.

The increase was attributed to 35% increase in the small land component and a 5% increase in multi-residential sales which were adequate to cover a negligible 1% drop in house sales.

However, the most notable points this week are that listings for sale are now sitting above 14,000 with the additional stock and slower market activity resulting in the average selling time for the three months to February now sitting 10 days above the December quarter figure at 67 days.

The increase in supply and selling days has also seen some subtle movement in the percentage of vendors discounting increasing from 54% to 56% over the past two months along with a lift in the average discount to 5.7%. Whilst rental listings have lifted a further 2%, there has also been a surge in reported property leased in the past week similar to levels recorded in January.