Unlike 2013 when reported sales increased steadily across October, activity in 2014 remains volatile with house sales up again this week by 11% to 619 but below the reported 635 a fortnight ago.
With a 1% increase in multi-residential sales & 4% fall in the small land component, overall activity was up 8%.
The volatility of activity this October mirrors the latest read of the Westpac – Melbourne Institute’s consumer sentiment in WA which has fallen back to neutral territory after rising the past two months.
This is despite the latest read on “time to buy a dwelling” for WA rising in October.
The other notable feature this week is the continuing lift in listings which are up a further 3% to just under 12,000.
To what extent the increase in listings is flowing from the drop in rental listings which are down 2% this week remains to be seen.