Lot sales in Western Australia for the June quarter this year were the highest since 2003, according to recent figures from the Urban Development Institute of Australia (WA branch).
And prices for lots have continued to rise, with a 54 per cent increase from the average lot price in the June quarter of 2003 ($103,281) to $159,178 in the June quarter of 2005.
This figure is a 13 per cent increase on the previous quarter.
UDIA (WA branch) executive director Marion Fulker said 2,157 sales were recorded in the past quarter, demonstrating the continued buoyancy of the land market.
“There are no signs of slowing down in the near future,” she said.
“In fact, recent indicative figures for July lot sales indicate that the number of sales has continued to rise over the last month.
“This is one of the longest periods of sustained buoyancy ever recorded, with consistently high sales since the March quarter 2002.”
The cities of Wanneroo and Rockingham remained Perth’s largest growing local authority areas with 519 and 460 sales recorded in each of those areas respectively.
Joondalup and Cockburn also experienced accelerated growth during the June quarter due to a number of new developments opening up, according to Ms Fulker.
Of the 597 lots sold in regional areas, 354 were in the City of Mandurah.
The UDIA’s urban development index says the key factors contributing to the demand for lots appear to be the strong local economy, underpinned by continued growth in Western Australia’s export industries, particularly the resources sector, as well as very low unemployment and a growing labour market.
“This pattern of growth looks set to continue, with a total of 7,641 lots under construction for release within the next 12 months, indicating sustained industry confidence in the market,” the report says.
In the apartment market, 812 existing apartments, and 59 new apartments were sold in the Perth metropolitan area in the June quarter, with 33 of the new apartments in the City of Perth.
