Property activity in February takes upward swing
12 March 2012
Last month saw an increase in Western Australia's property activity according to Landgate, the State's official land information authority.
Chief Executive, Mike Bradford, said the February 2012 Business Activity Profile, released today, showed a slight increase in property activity levels when compared to the previous month and the figures at the same time last year.
"The total number of documents lodged in February this year increased by 10 per cent compared to February last year", Mr Bradford said.
"There was also a 5.5 per cent rise in property activity from January 2012."
This improvement in figures was boosted by a substantial increase in the number of strata lots created in February, which rose by 51 per cent compared to January 2012, and by 50 per cent compared to February 2011.
Mr Bradford said the number of land transfers had also risen, with 665 more transfers occurring in February 2012 than the same period of time last year; an increase of 14.4 per cent.
"This increase of 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", he said.
Mr Bradford said while the February figures were encouraging, the market is still operating at comparatively low levels.
"The figures for last month were down 30 per cent in comparison to February in the boom year of 2006", Mr Bradford said.
"Activity recorded for this financial year to date shows the market is operating at two thirds the level it was during the same period in the boom years of 2005-2006."
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 February 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 0919