Property market stabilises in October

The recent decline in the Western Australian property market stabilised in October, with Landgate's Business Activity Profile (BAP) recording only a one per cent drop in activity from the previous month, September.

Landgate’s BAP contains information about how many documents have been lodged with the agency.  The documents relate to activities that include the transfer of land, new mortgages and the creation of subdivisional lots.

The total number of documents lodged with Landgate has been declining monthly since June 2015 and October’s result was the lowest level of activity since February.

Landgate Chief Executive Mike Bradford said despite this, October’s result was positive as it was only a marginal drop from September which indicated a softening of the market’s current downward trend.

"A sign of health in October’s market was the number of new lots created – almost double the number of September,” he said.

“A marked increase in new lots created between months is something we haven't seen since July 2015.”

Mr Bradford said October’s figures were buoyed by a significant 58 per cent increase in the creation of new strata lots.

"More than 1,300 of this type of lot were created, which is the highest monthly figure for strata lots in more than eight years.”

Mr Bradford said the continued increase of strata lots being created in a softened market indicated the growing popularity of higher density living in Perth.

“Year-to-date figures show an 18 per cent increase in the creation of new strata lots compared to the same period of time in the booming financial year of 2009/10.”

Landgate's BAP covers all property related documents lodged within Landgate and is a barometer of the state of the property market in Western Australia.

The October BAP 2015 is available on Landgate's website. It provides the monthly total of all documents lodged with sections detailing transfers, mortgages, caveats, searches and other categories of property related documents.

Contact: Karen McPherson, Media and Ministerial Adviser

Phone: +61 (0)8 9273 7514