This week's property round-up

Dwelling sales took a tumble last week across Perth due to the WA Day long weekend with reported activity very similar to the week of the ANZAC long weekend. Houses sales (434) were off 20% with north of the river taking a 25% hit whilst the fall was little more modest (15%) south of the river.

Multi-residential sales were also down 20%. While the dip in activity was not unexpected last week, it does highlight the general softness in activity in 2015 as sales were off 17% on the same week last year and more significantly 32% compared with the WA Day week in 2013.

The only bright spot for the week was a small increase in land sales which continue to tick over and provide impetus for the new housing sector which reported an increase in new home sales in WA for April. Listings eased back this week to a four week low after recent peaks around 14,600 and again this may have been a reflection of vendors holding off coming into the weekend.