This week's property round-up

This week REIWA members reported the total number of sales have declined to 615, a decrease of 9 per cent on the previous week.

This is mainly attributed to a significant decline in total unit sales of 15 per cent followed by a decline in houses and land sales by 8 per cent and 5 per cent respectively over the week.

Total properties listed for sale have increased from 13,970 to 14,310 this week and remains 4 per cent higher than the total properties listed for sale recorded four weeks ago. The average number of sales (year to 8^th September 2015) of 661 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 8,278 but remains 2 per cent lower than the total rental listings recorded four weeks ago.

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 and 2 per cent respectively.

The median rent for the three months to August 2015 recorded a marginal decline to $420 for houses, $395 for units and $410 for the overall market in comparison to the median rent recorded during the three months to July 2015 period.