MARKET SLOWS DOWN
THE WA property market has recorded its lowest activity in four years, new figures from the state’s land ownership agency have shown.
Landgate’s June Business Activity Profile showed there were 323,474 property-related documents lodged with the agency in the 201516 financial year, the lowest since 306,558 submissions in 2011-12.
While the final quarter was the slowest in four years, the June 2016 figure was up 11.27 per cent for the month to 30,934.
Landgate chief executive Mike Bradford said June was typically the agency’s busiest time because banks and property buyers were keen to finalise transactions before the end of the financial year.
“Transfer lodgements increased by 16.23 per cent in June 2016 compared to the previous month, while mortgage lodgements rose by 13.89 per cent,” he said.
The number of new lots fell 34.37, new strata lots were down 15.89 per cent and new subdivisional lots dropped 49.84 per cent.