Stewart Darby - REIWA

This week’s reported sales remained stable after a spike in mid-November.

All the numbers were a bit more subdued this week with sales coming off last week’s peak and listings growth slowing.

A 6 per cent increase in reported sales this week has lifted the total to its highest level since the June quarter.

Total reported sales activity has remained virtually unchanged for three weeks with only minimal variations in house sales whilst the fall in multi- residential sales this week was replaced with a lift in land sales.

Listings are the big mover again this week, rising a further 1.5% and pushing through the 12,000 equilibrium.

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.

The excitement of increased activity in recent weeks has seen more vendors bring property to the market with listings jumping by a further 490 or 4% this week to 11,598, the highest level since mid-July 2012.

A second weekly increase in reported activity signals the seasonal lift in the market in October is underway which is also reflected in a healthy rise in listings.

Reported sales this week rebounded 5% back to a similar level before the recent long weekend.

Last week’s increase in reported sales was short-lived, with the AFL grand final, Royal Show and long weekend all conspiring to pull the week’s reported sales figure down to its lowest level since the end of July.

Monitoring the stock of property for sale is an important health check on the market and, coupled with activity, gives us a sense whether it is a buyer’s or seller’s market.

Monitoring the stock of property for sale is an important health check on the market and, coupled with activity, gives us a sense whether it is a buyer’s or seller’s market.