A WA-based group has reported strong sales growth this spring, booking a 20 per cent on-month jump in sales in October.
Harcourts Western Australia announced the strong result, saying the group’s listing numbers, auction numbers and written sales have all increased over the past few months.
“Harcourts WA listed 311 properties during October plus another 10 for auction, taking the total number of auctions listed so far this year to 81,” said chief executive officer, Stuart Cox.
“Our written sales for the month were 201, which is the fourth time we have gone over 200 in the past 12 months.”
In sales terms, the group said it wrote over $108 million during October – the highest level since March 2011 and a $20 million increase from September 2012.
Earlier this month fellow WA-based group ACTON also reported a bumper October sales result, with the company's managing director, Graeme Baxter, reporting that the month's sales results was the highest for the year.
"We started to see sales numbers improve around this time last year, with October 2011 recording the highest results for 2011," Mr Baxter said. "That was a strong result, but this month's sales are 34 per cent higher than last year's figures."
In another sign the property market is set to turn in WA, Angus Raine, CEO at Raine & Horne, said the state was the focus of a “very aggressive expansion” for the group.
Harcourts Western Australia said its overall property listings have also increased over the past few months, topping 1,650 properties listed.
Mr Cox said the group’s property management vacancy rate remains below two per cent, while property management income has remained consistent throughout 2012 with over 3,300 properties under management.
“These results are incredibly encouraging and put Harcourts WA in a strong position going into 2013,” he said.
“Market conditions within Western Australia are slowly improving and our group is perfectly placed to capitalise on further market growth,” Mr Cox said.
Real Estate Institute of WA (REIWA) president David Airey said while preliminary data issued by the Institute showed median house prices had eased slightly in the September quarter, he believed the median will lift back to the June quarter reading of $484,000 with late settlements.
REIWA reported earlier this month that significant falls in turnover were reported in Rockingham-Kwinana, the eastern and western parts of Stirling, northern Joondalup and the western suburbs. "Despite a drop in turnover for the September quarter, a number of sub-markets defied the trend with increased sales," REIWA continued, pointing to Armadale-Serpentine, Swan, Cockburn, Vincent, the north east part of Wanneroo and south east section of Stirling.
“Our REIWA members are reporting a three per cent increase in sales of flats, units, apartments and villas, but with no movement in the overall median price of $390,000. Again, this preliminary figure is likely to lift when revised to be level with the June figure,” Mr Airey said.
REIWA data for the September quarter showed that the stock of listings had fallen 14 per cent to just 10,400 properties and the number of days on market has dropped a little to 71 days.