Low levels of property activity continue in WA
01/19/2012
Low levels of property activity persist in Western Australia according to Landgate, the State’s official land information authority.
Chief Executive, Mike Bradford, said the December 2011 Business Activity Profile, released today, indicates property activity is down almost 10% compared to December 2010.
“Although the figures for December 2011 show only a slight decrease compared to the previous month these are still the lowest December figures in 11 years,” said Mr Bradford.
“If we remove the anomalous year that the GST was introduced, 2000-2001, property activity levels are actually similar to what we saw in the mid 1990’s.”
In keeping with the seasonal trend, the total number of land transfers lodged in December were at the highest level of any month since the beginning of the financial year.
Of those transfers lodged, 19.2% were in the $300,001-$400,000 price range with 15.69% of transfers in the $400,001-$500,000 price range and 14.98% of transfers in the $200,001-$300,000 price range.
Total document lodgement figures for the 2011-12 financial year-to-date have decreased by 4.2% from last year and are down nearly 33% in comparison to the same time in the boom years of 2005-06.
Landgate’s Business Activity Profile covers all property related documents lodged within Landgate and is a barometer of the state of the property market in Western Australia.
The December Business Activity Profile is available on Landgate’s website. It provides the daily average of all documents lodged, with sections detailing transfers, mortgages, caveats, searches and other categories of property related documents.
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