Home Sales Surging – And there’s more to come

Home buying activity has surged over the past week with the clear prospect of strong market conditions continuing into the autumn selling season – and beyond.

Latest data from My Housing Market reveals that the number of national newly reported homes sales over the week ending February 7 surged by 17.2% compared to the previous weeks total.

National newly reported sales over 2021 so far are now 33.6% higher than recorded over the same period in 2020.

National weekly sales index

Most capitals recorded increases newly reported home sales over the past week:

  • Sydney was the top performer, up by 46.9%, followed by…
  • Melbourne up 37.2%
  • Brisbane up 19.5% and…
  • Adelaide up 0.5%

Newly reported himself of Perth however fell by 12.6% over the week, clearly reflecting the impact of the recent coronavirus lockdown.

New home sales

 

Sydney recorded the most newly reported home sales over the past week – 10.5% higher than the next highest Melbourne.

The prospect of sharp increase in home sales activity over coming weeks will continue to place upward pressure on house prices reflecting strong ongoing competition amongst buys for available properties.

National weekly sales index

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Dr. Andrew Wilson

About

Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.


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