This week's property round-up

This week REIWA members reported the total number of sales remained stable at 602 compared to 605 sales recorded on the previous week.

Unit sales recorded a significant decline of 16% over the week. This was lifted by the increase in land and house sales by 10% and 2% respectively.

Total properties listed for sale have crossed the 15,000 mark to record an increase from 14,634 to 15,084 this week, 6 per cent higher than the total properties listed for sale recorded four weeks ago.

This is the highest number of sales listings historically recorded in the Perth Metro Region.

Turning to the rental market, this week REIWA members have reported that properties for rent have also remained fairly stable over the last four weeks.

Number of rental listings have remained around 8,200 over the four week period. Rental listings for both houses and units have remained virtually unchanged.

The composition of houses and units for rent has not changed significantly from last week. 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.

Vacancy rates have increased from 5.2% during the three months to July 2015 to 5.4% during ,the three months to August 2015.