George Cash

George Cash

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    Latest DOLA figures show recovery in property market

    18/01/1995 12:00 AM
     

    18/1/95

     

    Lands Minister George Cash said the latest figures released by the Department of Land Administration (DOLA) were evidence of recovery in the Western Australian property market.

     

    Mr Cash was commenting on the statistics in DOLA's Business Activity Profile which showed a high level of business activity in property transactions continued throughout last year, a marked improvement on 1993 figures.

     

    "The total value of land transfer property transactions in 1994 was $11.74 billion, representing a 12.4 per cent increase on 1993," Mr Cash said.

     

    "Similarly, the value of transactions secured by mortgages was $17.32 billion which is 7.26 per cent higher than 1993.

     

    "Continuing with the trend of the past three years, total land transactions for 1994 were seven per cent higher than 1993.

     

    "The number of new lots created in 1994 was a significant 24 per cent increase on the number created in 1993."

     

    The Minister said the figures for December also indicated a sustained level of business activity.

     

    "The average daily document lodgement rate for December 1994 was higher than November, but nine per cent less than December 1993, as that month had exceptionally high activity levels," Mr Cash said.

     

    "The total source document searching figures for December showed a downturn in total searches ordered per day, however December is seasonally a low month for land title searches."

     

    New developments showed increased activity with the number of new lots created in December indicating a 26 per cent increase on November's figures.

     

    "Although the number of new lots created was the highest ever lodged in one month, according to the department's records, the figure has been affected by the survey industry clearing work to meet new DOLA lodgement requirements," Mr Cash said.

     

    A high level of activity in strata developments had also been maintained with 807 strata lots being created in December.

     

    During December, over $900,000 was realised for the State through the sale of 32 lots by counter sales and auction.

     

    Applications were invited for the leasing or purchasing of land in a number of country towns including residential lots at Cue, Newdegate, Norseman and Tom Price and light industrial lots at Corrigin, Marvel Loch and a property in Kununurra for irrigated agriculture.

     

    The department will auction 20 residential lots over the next two months at Jarrahdale, Kwinana, Coolgardie and Hester (near Bridgetown), and five commercial lots at Coolgardie.

     

    Media contact:  Mark Thompson 222 9595