George Cash

George Cash

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    Figures show continued high level of property transactions in October

    9/11/1994 12:00 AM
     

    9/11/94

     

    Business activity in property transactions continued at a high level throughout October, according to the Department of Land Administration's (DOLA) Business Activity Profile released today.

     

    Lands Minister George Cash said that although the department recorded a two per cent decrease on the average daily document lodgments compared with September, there was a continuing trend of above 1,300 documents per day since March 1993.

     

    "Growth in document lodgement rates can be clearly seen by comparing current October figures with the October figures of 1992 and 1991, an increase of 12.9 per cent and 30.6 per cent respectively," Mr Cash said.

     

    Title search activity also maintained a consistently high level with the rate of searches in October almost equalling that of September, and representing a four per cent increase for the same time last year.

     

    "This rise in title search activity, although small, indicates movement towards the seasonal trend for this time of year," Mr Cash said.

     

    The Minister said new developments continued to demonstrate a very high level of activity with 3,073 subdivisional and strata lots created in October, an eight per cent increase on September.

     

    "The number of lots created in October is the highest monthly figure ever recorded, according to DOLA's records," Mr Cash said.

     

    "The 878 strata lots created in October represents a 19.3 per cent increase on September, and more than doubles the figure for the same time last year.

     

    "The sustained high lot creation rate over the last 12 months may be partly attributed to the suburban infill program, which divides large inner suburban blocks into strata blocks."

     

    During October, more than $2.5 million was realised for the State through the sale of 88 lots by auction, counter sales and conversions to freehold.

     

    The department will auction two group housing sites and two general industry lots at Kalbarri and Denmark in the next two months.

     

    Media contact: Tony Robertson 222 9595 or Carolyn Clarke, DOLA 273 7561