On the back of a strong November, sales settlements grew in all but one capital city in December as 2022 was signed off on a high, according to the latest data from PEXA.
New South Wales highlights
New South Wales (NSW) led the way nationally as the best performing state for the second consecutive month, with its total sales settlements up 9.2%.
It also saw a significant increase in commercial property settlement volume – the highest spike observed in the past year.
- Residential settlements were up 8.2% month-on-month
- Commercial settlements were up 28.1% month-on-month
- Greater Sydney Area was up 7.6% month-on-month
- Rest of NSW was up 11.5% month-on-month
- The aggregate value of sale settlements in NSW rose 11.5% month-on-month to $20.7B
- Sale settlements with a new loan were up 8.8% month-on-month
- Refinance settlements were 3.7% higher year-on-year
Queensland highlights
Sale settlements in the Sunshine State dipped marginally, down 2.7%. Despite this, Queensland remained the second most active market nationally, only narrowly pipped by neighbouring NSW.
Greater Brisbane experienced back-to-back monthly growth in sales settlements however, with the CBD market remaining popular.
- Residential settlements were down 3.2% month-on-month
- Commercial settlements were up 5.3% month-on-month
- Greater Brisbane Area was up 1.1% month-on-month
- Rest of QLD was down 5.9% month-on-month
- The aggregate value of sale settlements in QLD rose 4.6% month-on-month to $12.6B
- Sale settlements with a new loan were down 3.3% month-on-month
- Refinance settlements were 9.1% higher year on year
Victoria highlights
After a relatively quiet November, Victoria bounced back well to record 4.7% growth in sales settlement volumes in December, with growth both in Greater Melbourne and regional areas.
Notably, it witnessed a significant 32.7% jump in commercial property settlements – the biggest increase seen nationally for the month.
- Residential settlements were up 2.9% month-on-month
- Commercial settlements were up 32.7% month-on-month
- Greater Melbourne Area was up 3.4% month-on-month
- Rest of VIC was up 8.1% month-on-month
- The aggregate value of sale settlements in VIC rose 5.8% month-on-month to $14.7B
- Sale settlements with a new loan were up 3.3% month-on-month
- Refinance settlements were flat month-on-month but 15.3% higher year-on-year
Western Australia highlights
It was a steady month over in the west, with 0.2% growth in sales settlements, led by gains in Greater Perth, while refinance volumes continued to remain healthy.
- Greater Perth Area was up 1.3% month-on-month
- Rest of WA was down 3.8% month-on-month
- The aggregate value of sale settlements in WA rose 6.9% month-on-month to $4.5B.
- Sale settlements with a new loan were up 0.6% month-on-month
- Refinance settlements were 23.6% higher year-on-year.
