High number of subdivisions buck downward trend in property market

New figures from Landgate show that the number of subdivisional lots created in October 2016 increased by 104 per cent compared with September 2016.

Landgate’s October 2016 Business Activity Profile (BAP) shows that an increase in both the number of subdivisional and strata lots created has contributed to a 49 per cent increase in new lots compared with the previous month.

Landgate Chief Executive Mike Bradford said despite the increase in new lots created, total documents lodged in October decreased by 3 per cent from the previous month and 12 per cent compared to the same period last year.

“Declines in transfers and mortgage lodgements contributed to the decrease in total lodgements,” Mr Bradford said.

“Transfers decreased 17 per cent while mortgage documents lodged were down 16 per cent compared to the same time in 2015.”

The October BAP 2016 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.

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