Property transactions reach an all-time high

7/8/03
Western Australia's buoyant property market has resulted in a record number of property transaction documents being lodged in the past financial year.
More than 380,784 documents were lodged through the Department of Land Information (formerly known as DOLA) in 2002-03, an increase of 4.7 per cent on the previous record of 363,754 set in 1993-94.
During the past 12 months DLI's offices at Perth, Bunbury and Midland had received a daily average of 1,500 documents.
The documents relate to properties bought and sold during the period and include transfers and mortgages.
Land Information Minister Nick Griffiths said the increased number of transactions was a reflection of the healthy state of the property market in WA.
"That is because the Gallop Government is delivering responsible management to facilitate continuing development and meet community needs well into the future," Mr Griffiths said.
The Minister said the total value of property purchase prices during an 11-month period from July 2002 to May 2003 had reached nearly $21billion.
"During the same period, the value of mortgages was close to $31billion, which is perhaps another indication of the trend towards home renovations," he said.
Over the past 10 years, the number of documents lodged per annum averaged 323,526 documents. The previous highest record was in the financial year of 1993-94, when the total reached 363,754.
"The introduction of the digital titles system, SmartRegister, has enabled DLI to handle the extra volume of transactions, with improved client service and easier management of land titles," Mr Griffiths said.
SmartRegister involved the conversion of 886,000 land titles to digital format, and effectively transformed the WA Titles Register from hard copy files to a digital e-register.
On July 1, 2003 the Department of Land Administration was restructured to become the Department of Land Information, as part of its ongoing transformation to a statutory authority with commercial powers.
Mr Griffiths confirmed that land titling would continue to be a core function of the Department of Land Information.
Minister's office: 9222 8950