April property figures an improvement

Chief Executive, Mike Bradford, said the April 2012 Business Activity Profile, released today, showed an overall improvement in the property market compared to the same time last year.

"The total number of documents lodged last month increased by 7.8% compared to April 2011.”

“This is consistent with the number of land transfers for April 2012, which rose by 17.4%, equating to 892 more transfers than in April last year.”

“The number of sub divisional lots created in April 2012 increased by 21% from April 2011 and increased by 62% from the previous month.”

While nearly 50% of activity continued to occur in the lower end of the property market ($200,001 – $500,000), there was a 9.24% increase in the $500,001 – 700,000 price range from the March figures.

Mr Bradford said despite the Business Activity Profile indicating some improvements property activity was still down 33% compared to the same time during the boom years of 2005 – 2006.

“The April 2012 figures are also down 18% on the last ten years’ average for the month of April.”

“However, with the end of the 2011/12 financial year approaching, the next couple of months may provide a clearer picture of where the property market is heading.”

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 April 2012 Business Activity Profile is available on Landgate's website. It provides the daily average of all documents lodged, with sections detailing transfers, mortgages, caveats, searches and other categories of property related documents.