Property sales set another record for July

Registered property transactions increased 28 per cent to about 22,500 last month from June, involving a record value of about $113 billion for a single month, according to estate agents.

The figures better reflect the volume of activity between May and June in view of the time lag between transaction and registration.

July was the second most active month for property activity, second to last April's record 25,572.

Centaline Property Agency said secondary market activity had reduced since June and it expected registered transactions for August to drop markedly.

The company said its commission for July was almost $110 million, down about 40 per cent from June.