03/09/2015 - 06:30

This week's property round-up

03/09/2015 - 06:30

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This week REIWA members reported the total number of sales are up again to 708, an increase of 5 per cent on the previous week.

This week's property round-up

This week REIWA members reported the total number of sales are up again to 708, an increase of 5 per cent on the previous week. This is mainly attributed to a significant increase in total land sales of 45 per cent followed by an increase in unit sales by 10 per cent over the week.

However, house sales volume declined marginally by 1% from the previous week. Total properties listed for sale have decreased from 14,171 to 13,970 this week but remains 3 per cent higher than the total properties listed for sale recorded four weeks ago.

The average number of sales (year to 1st September 2015) of 643 remains relatively below the average annual sales of 713 recorded during the 2014 calendar year.

Turning to the rental market, this week REIWA members have reported that properties for rent have increased yet again to 8,228 following a 2 per cent decline to 8,178 recorded last week. The composition of houses and units for rent has not changed significantly from last week.

Houses and units rental listings have increased by 1 per cent respectively. The median rent for the three months to July 2015 is $430 for houses, $400 for units and $420 for the overall market. The vacancy rate for the 3 months to July 2015 has etched up to 5.2 per cent.

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