OPINION: Sales activity experienced an expansion over the week with REIWA members reporting an increase in weekly sales to 535.
The overall 28 per cent rise in weekly sales is attributed to a 24 per cent increase in sales for both houses and units and an 83 per cent increase for vacant land.
The latest positive sales figures comes on the back of lower transactions recorded over the last few weeks attributed to the Christmas break.
It is typically normal for transactions to recover rapidly post the holiday break.
Total properties listed for sale increased by three per cent over the week to 14,444. Listings for houses, units, and vacant land all increased by three, three and one per cent respectively.
The total number of listings recorded this week is four per cent lower in comparison to four weeks ago and one per cent lower compared to the same time last year.
Turning to the rental market, REIWA members reported total properties available for rent declined by a marginal one percent to 10,805.
This is three per cent higher compared to four weeks ago and remains 11 per cent higher than the same time last year.
By Dillon Kanbi
