Strata lots the highest in almost a decade
19 May 2015
Landgate's April 2015 Business Activity Profile (BAP) reports an eight-year high (year-to-date) on the number of strata lots created.
There was a 50.95 per cent increase when compared to the previous month (789) and an increase by 20.30 per cent when compared to April 2014 (990).
The April BAP also reports a seven-year high (year-to-date) on the number of subdivisional lots created. The number of new freehold titles created is also the highest it has been in three years.
Landgate Chief Executive Mike Bradford said although there had been a slight decrease in the number of land transaction documents lodged in April, the spike in the number of strata lots created was significant.
"This highlights the growth of apartment-style living in Perth and underpins the importance of high-density accommodation. It is an indication that the industry is preparing for the future growth of the state," said Mr Bradford.
The total number of documents lodged in April 2015 (28,417) decreased by 4.05 per cent when compared to the previous month (29,617) and decreased by 2.88 per cent when compared to April 2014 (29,261).
Landgate is leading proposed reforms to the State's current strata title legislation. The reforms aim to make it easier for the development of mixed-use strata options so the State can cope with the increase in housing demands over the next two decades.
A three-month public consultation period on the proposed legislative changes has recently finished, leading to predominantly positive feedback.
Changes to the Strata Titles Act 1985 is expected to be introduced into State Parliament by mid-2016. View the Consultation Summary.
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 April BAP 2015 is available on Landgate's website. It provides the monthly total 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.