Consumers and property professionals alike are set to benefit from greater access to local market trends, with PEXA launching its new Postcode Insights tool today, for dwellings in Victoria, New South Wales and Queensland.
An initiative developed by PEXA, the interactive platform will enable users to search for postcode-specific numbers under three key indicators:
- Volume: the number of settlements arising from a sale
- Value: the sum of the sale prices for all properties settled
- Turnover: the number of properties settled, relative to the number of properties in the postcode
The value for the sector
Understanding past, present and future performance is fundamental for buyers, sellers and industry members.
And it is of heightened importance given today’s climate, with recent interest rate increases and inflation front-of-mind for consumers.
As current and future owners navigate these market conditions, the Postcode Insights tool will enable users to make data-driven choices – with the ability to track the quarterly results of east-coast markets, with historical comparisons, area heat maps and top 10 locales by state supplementing their experience.
Hot and cold zones
Higher turnover is associated with areas that are popular with buyers and are easier to buy into, as there are more properties listed for sale.
On the other hand, lower turnover is seen in areas that aren’t as favoured or where stock is tightly held – with fewer properties coming up for sale.
According to analysis conducted through the Postcode Insights tool, in New South Wales, the postcode with the highest turnover was 2563 (Menangle Park).
This growth corridor area in Sydney’s south-west recorded 19.1% turnover for residential property in the September 2022 quarter. This was followed by nearby postcode 2573 (Tahmoor) on 7.5% turnover.
It was a similar story in Victoria, with postcode (3335) Rockbank, in Melbourne’s western growth corridor recording turnover of 31.6% for the September 2022 quarter.
This very high turnover of one-in-three properties in the postcode being transacted during the quarter, was a result of fewer properties overall in the relatively new suburbs of Rockbank & Plumpton, which have sprung up in the postcode.
Mike Gill, PEXA’s Head of Research, said: “PEXA is committed to connecting people to place. Property transactions are amongst the most significant financial decision a person will ever make – and we want consumers to have the knowledge they need to make informed buying and selling decisions.
“We’re excited to be providing Australians with this new postcode-specific lens and our team is continuing to explore new ways to unlock even deeper market insights for consumers and the wider sector.”
To access the Postcode Insights tool, visit pexa.com.au/postcode-insights.