Last month saw an increase in Western Australia's property activity according to Landgate, the State's official land information authority.
A/Chief Executive, Bruce Roberts, said the March 2012 Business Activity Profile, released today, showed an improvement in property activity levels when compared to the previous month.
"The total number of documents lodged in March increased by 10 per cent compared to February," Mr Roberts said.
"This increase was buoyed by the number of land transfers in March, which rose by 17.5 per cent, equating to 927 more transfers occurring in March than in February.
"Activity was at the lower end of the market, with almost 50 per cent of transfers occurring in the $200,001 - $500,000 price range."
Mr Roberts said despite these increases, the overall property activity for March remained at the same level as March last year, indicating stability in the market.
"The market remains steady, but still subdued compared to the heights of property activity recorded in the boom years of 2005-2006," he said.
"Overall property activity in March showed a 37.5 per cent drop in activity compared to March in the boom year of 2006."
Mr Roberts said the figures for this financial year to date showed a similar story.
"There has been a 1 per cent decrease in overall property activity for this financial year to date compared to the same period last financial year," he said.
"However, compared to the same period in the boom years of 2005-2006, the figures for this financial year to date show the market is still operating at only two thirds the levels it was during the boom."
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 March 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.
Landgate is Western Australia's primary source of land information and geographic data, providing the accuracy government, business and individuals rely on.
Phone: +61 (0)8 9273 7564