|
Western Australia's property and housing construction market was at its hottest in October with land transfers reaching new highs as one of the state's materials suppliers was forced to import bricks.
The Property Council of Australia said the Department of Land Administration records show that October was a busier month than the same time in 2003 when the market was last at its strongest.
And, inn a signal of just how much the focus of the nation's residential construction market has shifted this year, Brickworks managing director Lindsay Partridge has revealed that the company had to bring bricks from NSW to satisfy demand in Western Australia last month.
"WA has been very strong with stock shortages and cost increases impeding our ability to take full advantage of the strong market conditions, consequently holding back our profit performance," Mr Partridge said.
The Property Council said the DLI figures were supported by the latest Reserve Bank of Australia report on inter-State median house price changes which showed the average growth rate in Perth median house prices during the year to September 2005 was 16.3 per cent while the Australian average was only 1.1 per cent. |
Property Council of Australia (WA Division) Executive Director Joe Lenzo, said the latest activity figures from DLI is further confirmation that the property market in WA is leading the nation in value growth and sales activity.
"The record DLI document processing result included 10,247 property transfers in October 2005, which is 27.4% greater than the number of property transfers in October 2004. This illustrates the huge growth in property sales in WA in the last 12 months.
"There were also 3,206 new lots created in WA in October 2005, which is 23% more than the number of lots created in October 2004.
"These results indicate that the property market in WA is set to continue growing into the New Year while most other State markets are flat or in decline.
"There is also every likelihood that property taxation revenues to the State will continue to exceed State Budget forecasts and there is plenty of capacity for significant reductions in property taxes in WA", said Mr Lenzo.
Source: WA Business News
21.11.2005 |
