More positive property news

The latest Mike Pero Mortgages-Infometrics Property Cycle Indicator (PCI) climbed to a positive 5.95 in July, from 3.98 a month earlier.

The indicator is a sensitive measure of the housing market and includes changes in the number of houses sold, changes in price and the time taken for houses to sell.

On average, houses took an average 37 days to sell in July, a whopping 21 days fewer than a year earlier, and the biggest year-on-year improvement since records began in 1991.

House sales volumes held steady around 6,000 from a month earlier, and were up 34% from July last year.