Despite an upswing in May, property activity in Western Australia remains at mid 1990 levels according to Landgate, the State's official land information authority.
Landgate Chief Executive, Mike Bradford, said the May 2011 Business Activity Profile released today shows a moderate increase in volumes over April, but this came on the back of historic lows.
The Business Activity Profile covers all property related documents lodged with Landgate and is a barometer of the state of the property market in Western Australia.
Mr Bradford said while May was the busiest month so far in 2011, property activity was still the lowest May figure for sixteen years, and forty percent down on the boom years. This followed the April 2011 figure which was also a sixteen year low and January and February figures which were the lowest for nearly two decades.
Overall activity for 2010-2011 is one third down on the peak of 2005-2006.
Mr Bradford said total document lodgements for this financial year had Western Australia on track to have the lowest levels of activity since the early 1990s.
"Given Western Australia's population was thirty percent less 20 years ago, comparatively the slump in property activity is worse than the severe downturn of the early 1990s", Mr Bradford said.
Landgate's May Business Activity Profile is available on the Agency's website and provides the daily average of all documents lodged, with sections detailing land transfers, mortgages, caveats, searches and other categories of property related documents.
Landgate is Western Australia's primary source of land information and geographic data, providing the accuracy government, business and individuals rely on.
Phone: +61 (0)8 9273 7066
Email: Siobhan.Stillitano@landgate.wa.gov.au
