The weekly sales volatility continued this week with reported sales bouncing back 23% to 624 with the increase driven by a 28% jump in house sales.
However the distribution of increased activity was far from equal with a 42% increase in house sales lifting the south of river total by 33% to 306.
By comparison, there was only a 16% increase in house sales north of the river which contributed to a 15% increase in the total to 318.
The other notable point this week is the little variation with the same time last year as this was the Easter week in 2014. Listings are showing their first sign of a post Easter rebound, increasing 2% to 13,918 to be just below the level of four weeks ago.
Rental listings continue to push up as new leasing slows due to a combination of slowing seasonal demand and stock being vacated as new dwelling stock is being completed.
DWELLINGS UNDER COSNTRUCTION IN WA
With WA recording record levels of dwelling approvals and commencements over the past 12 months, this has naturally flowed through to a record level of dwellings under construction.
According to the latest data from the ABS, there were 25,502 dwellings under construction across WA in the December quarter. This latest figure is now 9% above the previous peak of 23,347 recorded in the December quarter 2006 which occurred after a record level of 16,770 houses were underway in the September quarter that year.
The current level of houses under construction in the latest data is just short of this record. However, multi-residential construction continues to rise to new highs with the latest figure of 8,641 dwellings underway being some 8% above the previous peak in the September quarter 2008 which it should be noted occurred two years after the housing peak.
It is likely we will see a similar lagging scenario this cycle as housing construction nears its peak as building approvals for this sector peaked in March 2014.