George Cash

George Cash

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    Figures show sustained business activity in property transactions continuing

    9/09/1994 12:00 AM
     

    9/9/94

     

    Sustained business activity in property transactions continued throughout August according to the Department of Land Administration's business activity profile released this week.

     

    Lands Minister George Cash said although the department recorded an 8.5 per cent decrease on average daily document lodgements compared with July, there was a continuing above average trend of more than 1,300 documents per day in the last 18 months.

     

    "Seasonally, this drop follows the real estate pattern for August which is traditionally slower than the two preceding months," Mr Cash said.

     

    Sustained activity was supported by title search activity, which was 10.2 per cent higher than for August 1993 and 30 per cent higher than for the same time in 1992.

     

    Last month's total source document searching averaged 4,764 per day.

     

    Mr Cash said new developments continued to demonstrate strong growth with the creation of 1,822 lots, a five per cent increase on July's figures.

     

    "High levels of activity in strata developments were also recorded with 953 new strata lots created, the highest in four years," he said.

     

    During August DOLA sold 54 lots, realising nearly $1.9 million for the State.

     

    Mr Cash said the department would auction 131 residential lots and eight light industrial lots over the next two months.

     

    "The majority of this residential land will be auctioned in September for lots in the South-West and Great Southern regions.  Some 29 lots will go under the hammer in Hopetoun," he said.

     

    "In October, 18 residential lots will be auctioned on Christmas Island and 33 in Broome, including 14 rural residential blocks."

     

    Media contact:  Caroline Lacy  222 9595 or Catherine Hesse-Swain, DOLA 273 7561