10/08/2009 - 14:16

Perth land sales jump 18%: UDIA

10/08/2009 - 14:16

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The state's property market has received another promising boost with new figures showing the number of land sales jumping more than 18 per cent in the 2008/09 financial year.

Perth land sales jump 18%: UDIA

The state's property market has received another promising boost with new figures showing the number of land sales jumping more than 18 per cent in the 2008/09 financial year.

The Urban Development Institute of Australia's survey of developers in the Perth metropolitan area showed there were 5,512 lots sold, an 18.3 per cent increase compared with 4,658 sold in fiscal 2008.

"Our figures show that 2007 and 2008 were very slow years, culminating in the lowest sales ever recorded in September 2008," UDIA chief executive Debra Goostrey said.

"Since September 2008 we have seen healthy increases in sales with the First Home Owners Grant Boost and low interest rates positively influencing the property market.

"This has led to an overall increase in sales this financial year."

The survey found that prices have also slightly increased in the June quarter, representing a positive shift in the market.

"Prices in the June 2009 quarter increased 2% to $221,573 compared with the March quarter average price of $217,253," Ms Goostrey said. "This shows stability."
The sales hot spots in the June quarter included the Cities of Wanneroo and Rockingham.

"Wanneroo and Rockingham have plenty of land on the market at very reasonable prices," Ms Goostrey said.

"These two areas have weathered the property market downturn and continued to post positive sales activity."

Other areas of high activity include the City of Armadale where sales were steady and construction activity over the next 12 months is high with nearly 500 lots currently under construction for release over the next year.

UDIA's figures follow last week's release of the final 2008/09 property market report by the Real Estate Institute of WA.

In the report, REIWA said Perth's land prices had increased by 9 per cent from the March quarter to $240,000 recorded in the June quarter.

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