Rise in property transactions last month but market down overall
New figures from Landgate show there was an increase in property transactions last month compared to April 2016.
However Landgate’s Business Activity Profile (BAP) showed Western Australia’s property market was still sluggish with the number of transactions last month eight per cent lower than May 2015.
Landgate Chief Executive Mike Bradford said lodgements of most types of documents in May 2016 were higher than April.
“An increase in document lodgements for May is consistent with previous years when there has been a flurry of activity before 30 June,” Mr Bradford said.
“Last month transfers increased 14 per cent and mortgages were 12 per cent higher compared to April 2016.
“However the number of transfers and mortgages in May 2016 were each down 11 per cent compared to the same time last year.”
Strong strata activity continued last month with the number of new lots created 31 per cent higher than May 2015.
The May 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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