The New South Wales property market has ended spring with a flurry of activity, recording more than 20,300 property sale settlements (up 15% month-on-month) and leading the nation for refinances with almost 11,500 (up 10% month-on-month, and 49% year-on-year) for November, according to PEXA Insights, the research arm of PEXA – Australia’s leading digital property settlement platform.
The nation’s four largest states all witnessed strong year-on-year growth in property sale settlements, with Queensland leading the nation yet again with more than 22,000 sale settlements in November – an increase of 14% from October, and 28% year-on-year for the month.
New South Wales came in second for the month, with Victoria in third as it bounced back from its extended lockdown with more than 17,000 property sales settlements recorded in November (up 8% from October, and up 33% year-on-year). Western Australia saw the highest volume of monthly sale settlements for the state since June, with more than 8,000 sale settlements, up almost 9%.
According to PEXA Insights’ Head of Research, Mike Gill: “Queensland has clocked up its fourth month in a row as title holders for the most property sale settlements within the country, with the four largest states all showing strong year-on-year growth, most notably New South Wales.
“It is likely that sale settlement volumes will finish the year strongly, driven by significantly higher listings levels observed during the back-end of the spring selling season, combined with December traditionally being the busiest month of the year as buyers race to settle before Christmas,” said Mr Gill.
A look at the year in review for property trends highlights that 2021 has firmed as a record-breaking year for refinances across the nation. Refinance activity continued to soar in November, with Western Australia (up 90% year-on-year), Queensland (up 81% year-on-year), New South Wales (up 49% year-on-year) and Victoria (up 40% year on year) all witnessing a growing number of consumers take advantage of the current low interest rates.
“Continued speculation of rising interest rates from market commentators, albeit against the backdrop of consistent messaging by the Reserve Bank of Australia of no immediate change, is clearly having an impact on Australian homeowners and investors who are focused on ensuring they have the best deal ahead of any potential rate rise,” said Mr Gill.
For the latest trends in property settlements and refinances, visit https://www.pexa.com.au/insights.