Transaction levels are up as buyers push into the spring market
PROPERTY sales are up nationally with the east coast chalking up a big jump in transactions but once again, WA has gone the other way.
PROPERTY sales are up nationally with the east coast chalking up the biggest jump in transactions and Queensland leading the charge.
According to the latest BOQ Spring Buyer’s Guide, there was a 14.8 per cent increase in sales in Queensland in the past year and a 19.8 per cent jump in Brisbane.
The guide, collated with figures from RP Data, revealed there were 480,790 house and unit sales nationally in the year to May, up 10.4 per cent on the same time a year ago.
It found the increase was driven predominantly by investors and upgraders with first home buyers still largely inactive.
The only state or territory to record a fall in demand were Western Australia, down by 1 per cent and the ACT where transaction levels dropped by 1.8 per cent.
New South Wales experienced a 13.6 per cent lift in transactions, while Tasmania went up by 11.2 per cent and South Australia and Victoria both increased by 9.5 per cent.
Transaction levels only increased marginally in the Northern Territory where they were up by 2.2 per cent.
“While transaction numbers are up, listing numbers are down, ”the report said.
“RP Data estimate the total number of homes advertised for sale is currently 7.7 per cent lower than a year ago.
“The combination of high buyer demand and short effective supply levels is one of the key factors driving home values higher.
“Rising buyer demand coupled with lower market supply is resulting in a market that is often skewed towards the seller.’’