Activity in Western Australia’s property market is increasing, particularly in applications by owners wanting to subdivide their land, Landgate says.
According to latest statistics from Landgate's Business Activity Profile released today, the total number of documents lodged in December increased 14.2 per cent compared to the same month in 2011.
The standout area was the number of subdivisional lots created in December, which surged by 48.3 per cent on the same period in 2011 and was up 4.4 per cent from the previous month.
The number of mortgages also increased, jumping 23.1 per cent compared to December 2011, and up by 7.9 per cent from the previous month .
Landgate chief executive Mike Bradford said the December figures support the current trend of improved property activity for the 2013 financial year.
“First quarter figures for 2012/13 were 7.9 per cent higher than the same quarter in 2011/12; likewise the October to December 2012 figures increased by 16.6 per cent compared to the same period in 2011,” he said.
“Our data supports recent comments from industry indicating buyer confidence and property activity is improving.”
Transfer documents lodged in December also rose, increasing by 9.7 per cent from the previous month and surging 31.4 per cent compared to the prior corresponding period.
The Business Activity Profile reports on all property related documents lodged with Landgate.
