This week's property round-up

This week REIWA members reported the total number of sales continued to trend downwards to 565, a decline of 6 per cent over the week and is the lowest number of sales reported since mid-July 2015.

This is mainly attributed to a significant decline in total house sales of 8 per cent and land sales by 5 per cent.

Despite the decline in overall sales, unit sales recorded a marginal increase of 2 per cent over the week.

Total properties listed for sale have increased marginally from 15,084 to 15,198 this week, 9 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 to currently record 8,256, a negligible increase from 8,215 last week.

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. 

reiwa.com property sales data for the overall market for the week ending 29 September 2015 totalled 565 which represents a 6 per cent decrease in total sales over the week.

This is mainly attributed to the significant decline in house sales and land sales of 8 per cent and 5 per cent respectively. Despite the decline in overall sales, unit sales recorded a marginal increase of 2 per cent over the week.

Property sales recorded a declining trend over the past four weeks to currently record the lowest number of sales since mid-July 2015. The same time last year, there were 666 sales recorded which represents an 18 per cent drop from this level.

Looking at the individual sectors, reiwa.com data shows that total sales recorded over the last four weeks have ranged between 565 and 708.

This week, total sales for houses sit at 424 from 460, a decrease from the last week of 8 per cent. Land sales had a similar change from 55 to 52 this week, a drop of 5 per cent. In contrast, unit sales recorded a marginal increase of 2 per cent from 87 to 89 over the week.