QUEENSLAND’S VIBRANT ECONOMY BREAKING TITLES RECORDS

Customer demand for land and titles services in Queensland was smashing all records, further proof the State’s economy was leading the nation, Natural Resources Minister Craig Wallace said today.

Mr Wallace told State Parliament more than 221,000 transfers of property, valued at over $111 billion, were registered with the Land Registry during the 2006-2007 financial year.

“During the same period around 50,000 titles were created for new lots throughout the State – an increase of over 1,100 on the number of new lots created the previous financial year,” he said.

A record number of title searches and other information inquiries were also processed by the Land Registry, or Titles Office, in the same period.

“During the same period, more than 3.1 million information searches were provided to customers and more than 1.03 million title transactions were registered – the second highest volume on record.”

Mr Wallace said historically, the last month of the financial year was the busiest for title transaction lodgements.

“In June this year, the registry experienced a record high for the number of average daily lodgements. In fact, for the three months from June to August, monthly average lodgements exceeded 105,500 – another record high.

“Given this, it is indeed an achievement that more than 90 percent of all title transactions, including many of a complex legal nature, are registered in less than five days.”

The web also plays a big part in the Titles Office customer service, with 97 percent of information searches conducted over the Internet. Also, around 30 percent of lodgements are received electronically over the Internet.

Mr Wallace said providing ready access to timely, quality land registry services reduced uncertainty and costs for property owners, investors and other stakeholders.

“Demand for land registry services has more than doubled since the early 1990s, and it shows no signs of slowing, with Queensland continuing to attract interstate migration and investment.”

Mr Wallace said projections indicated Queensland’s current population of 4.1 million would grow to around 5 million by 2020.

“Queensland is already widely recognised for having one of the most secure and efficient land registry operations in the world.

“In the years to come, we will continue to enhance our systems, integrate cutting edge technologies and continue conducting world-class technical training and professional development for staff across the state.

“In this way we will continue managing increasing workloads, with no decline in overall service standards.”

Media inquiries: Caroline Kaurila, Craig Wallace’s office, on 0414 213 954.