The state of the market
The WA property market in 2008 is patchy. The latest figures from Landgate covering real estate transfers in WA show a significant reduction in transactions but the average value of transactions remains steady. The figures encompass all property dealings, including residential and non-residential sectors.
The average number of transfers in January and February 2008 was 6780, which is 14% down on the average number of transfers in 2007, and some 30% down on the peak of the market in 2006. Despite the slide in real estate transfer numbers the average value of transactions has been steady at around $520,000 and $530,000 since November 2007. The average value of real estate transfers in February 2008 was $521,000 which is some 18% up on the level in February 2007.