George Cash

George Cash

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    Figures show continuing high level of business in September

    18/10/1994 12:00 AM
     

    18/10/94

     

    A high level of business activity in property transactions continued throughout September, according to the Department of Land Administration's (DOLA) Business Activity Profile released this week.

     

    Lands Minister George Cash said the department recorded a two per cent increase on the average daily document lodgements compared with August, continuing the trend of above 1,300 documents per day in the last 18 months.

     

    "Seasonally this rise goes against the real estate pattern which traditionally shows a slight drop from August to September," Mr Cash said.

     

    A fall in total source document searching for September also contradicted the seasonal trend which would normally show increased searching activity leading up to December.

     

    "An average of 2,983 title searches per day represented a 4.4 per cent decrease from August, although this figure is higher than any month in 1993 and a creditable 18 per cent higher than September 1992," Mr Cash said.

     

    The Minister said new developments continued to demonstrate strong growth with a record 2,108 lots created in September, a 16 per cent increase on August.

     

    "According to DOLA's records, the number of lots created in September is the highest ever recorded for that month."

     

    High levels of activity in strata development were also recorded with 736 new strata lots being created.

     

    During September DOLA sold 64 lots, realising over $1.3million for the State.

     

    Mr Cash said the department would auction 77 residential lots this month including 18 at Christmas Island and 29 at Hopetoun.

     

    "In addition, 19 residential and 14 rural residential lots will go under the hammer in Broome," he said.

     

    Media contact: Tony Robertson 222 9699 or Carolyn Clarke, DOLA 273 7561