10/12/2015 - 05:14

This week's property round-up

10/12/2015 - 05:14

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This week REIWA members reported a significant decrease in the weekly sales to record 552 sales. The 19 per cent decrease in sales over the week is mainly attributed to a decrease in sales across house, unit and land sales of 20 per cent, 18 per cent and 16 per cent.

This week REIWA members reported a significant decrease in the weekly sales to record 552 sales. The 19 per cent decrease in sales over the week is mainly attributed to a decrease in sales across house, unit and land sales of 20 per cent, 18 per cent and 16 per cent.

This is following a rebound in total sales recorded last week attributed to the implementation of the new legislation introduced by  the Government on foreign investment effective 1st of December 2015. Despite the decrease in sales, total properties listed for sale remained virtually stable over the week to record 16,297 this week from 16,360 last week.

As of this week, there are 10,390 listings for houses, 3,548 listings for units and 2,359 listings for land. The total number of listings recorded this week is 2 percent lower than four weeks ago but 22 per cent higher than same time last year.

Turning to the rental market, REIWA members reported a continuous increase in total properties for rent to record a 1% increase in rental listings from 9,502 last week to 9,582 this week.

This is once again attributed to an increase in listings for houses by 2 per cent while listings for units remained virtually unchanged.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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