This week's property round-up

Building approvals trend down in WA

After achieving a record peak in September 2014, total dwelling approvals in WA have trended down for the past 18 months based on the latest data from the ABS for January 2016.

Despite the downturn, the overall long-term upward trend still remains, driven by elevated levels of multi-residential stock that has appeared into the market.

Private sector house approvals in WA have been trending down since March 2014 and are heading closer to levels last seen around mid-2012. By comparison, private national house approvals continue to trend sideways while total national dwelling approvals have come off slightly over the past 12 months but still remain at elevated levels based on the long-term trend.

Member real facts

This week, Reiwa members reported an increase in weekly sales to 703. The overall 4 per cent increase in sales over the week is attributed to a 19 per cent increase in sales for units and 22 per cent for land.

However, house sales are down by 2 per cent over the week. Total properties listed for sale recorded a marginal decrease of 1 per cent to 15,170 this week from 15,375 last week. Listings for houses and units have decreased by 1 per cent and 2 per cent respectively, while land has increased 1 per cent over the week.

The total number of listings recorded this week is 3 per cent higher than four weeks ago and 13 per cent higher than the same time last year.

Turning to the rental market, Reiwa members reported total properties available for rent remained stable over the week at 9,779, producing an unchanged level in percentage terms.

However, this is 3 per cent lower than figures seen four weeks ago but 56 per cent higher than the same time last year.