Property activity on the rise: Landgate

Property transactions were on the upswing in February in Western Australia, with activity spiking at the lower end of the market, land information authority Landgate says.

According to Landgate statistics released today, the total number of documents lodged in February increased by 10 per cent compared to February last year, and was 5.5 per cent up on January.

Landgate chief executive Mike Bradford said there was a substantial increase in strata lots created in February, which rose by 51 per cent compared to January and was 50 per cent up on February last year.

Land transfers also rose, with 665 more occurring in February than at the same time last yaer.

“This increase of activity was at the lower end of the market, with almost 50 per cent of transfers occurring in the $200,001 to $500,000 price range,” Mr Bradford said.

Mr Bradford said the figures were encouraging, but noted the market was operating from a low base.

“The figures for last month were down 30 per cent in comparison to February in the boom year of 2006,” he 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.”