REIWA Director of Research analyses the latest July/August 2012 figures to see what they say about the current state of the property market, and where we are heading.
Overall, the rental market continues its strong activity with a 5% increase in rental price for $450/week for houses and $430 for multi-residential. The sales market has also been strong, buoyed by the first home owners, which has seen the number of listings fall to 10,500.
Interestingly, despite commentary from the media about the spring selling season, September has seen drops in sales in every year bar one, and the Sept-Nov season has seen falls in 8 out of the last 17 years. Irrespective of this however, the current market is in a far stronger state than it was in 2011.
[REIWA TV Series 2, episode 20, first broadcast 18th September 2012]