The post Easter rebound continued last week with REIWA members reporting a further 11% increase in activity.
The post Easter rebound continued last week with REIWA members reporting a further 11% increase in activity.
This latest weekly sales figure of 695 is 4% above the weekly average of 669 since the beginning of 2015 but 6% below the 2014 average of 740 and 16% down on the 2013 average of 832.
Looking at the major components for the year to date, the latest house sales are up 4% on the year to date average whilst softening multi-residential sales which include pre-selling activity is presently 5% below the year to date figure despite a 19% jump last week.
The effects of last year’s Easter – Anzac break are more evident in this week’s comparison with last year when sales fell to a low of 468. Listings briefly passed through the 14,000 barrier ahead of the previous weekend before retreating to a mid-week figure just under that threshold.
The preliminary March quarter vacancy figure is 4.4% but certain to rise in coming months as the property listed for lease has lifted nearly 6% to just under 7,000 since the beginning of April.
ALBANY – THE LAST VIEW OF AUSTRALIA FOR MANY ANZACS
As we commemorate the centenary of the birth of the ANZACs, we continue our regional roundup and turn our attention to Albany.
The local residential market has been steady across the 12 months to March 2015 after dropping back from a surge in activity in late 2013 and early 2014. As a result, annual sales for the year to March 2015 are projected to have fallen 10% and are around 15% below the 15 year average.
Despite the softer activity, the annual median house price increased 4% across the year to $385,000 and is now 10% above the cyclical low of $350,000 recorded in 2013. This increase has helped lift the five year average annual growth rate (0.5% p.a.) back into positive territory as move away from the influence of the median peaking and dropping across 2007 and 2009.
Looking at the local rental market, unlike many regional centres, Albany continues to record a steady rise in median rent which has risen 9% in the past year to $350 per week. The increase reflects a gradual decline in rental stock for lease over the past two years.
