Lowest property activity in four financial years
New figures from Landgate confirm 2015/16 was the slowest year for the real estate market in four years.
Landgate’s June 2016 Business Activity Profile (BAP) showed the total number of documents lodged in 2015/16 was 323,474, a decrease of 9.13 per cent compared to 2014/15 (356,010), and the lowest number since 2011/12 (306,558).
The BAP also found 2015/16 had the lowest number of documents lodged during the fourth quarter (83,777) since 2011/12 (81,485). However the June 2016 figure (30,934) was 11.27 per cent higher than May 2016.
Landgate Chief Executive Mike Bradford said typically June was the busiest time for his agency as banks and property buyers were keen to finalise transactions before the end of the financial year.
“Transfer lodgements increased by 16.23 per cent in June 2016 compared to the previous month while mortgage lodgements rose by 13.89 per cent,” Mr Bradford said.
“However the number of new lots fell by 34.37 per cent and new strata lots were also down 15.89 per cent.”
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 June BAP 2016 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.
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