Property markets across all states bounce back in November

After a relatively soft October, sales settlements recovered strongly across all major Australian states in November to close the spring property season 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, with its sales settlement volumes up and the aggregate value of property transacted increasing.
Notably, sales settlements in regional NSW outpaced those in greater Sydney for November. Sale settlements in November were up 8.8% overall on October numbers.

• Residential settlements were up 8.5% month-on-month
• Commercial settlements were up 15.9% month-on-month
• Greater Sydney Area was up 6.5% month-on-month
• Rest of NSW was up 12.2% month-on-month
• The aggregate value of sale settlements in NSW rose 16.5% month-on-month to $18.5B
• Sale settlements with a new loan were up 6.6% month-on-month
• Refinance settlements were flat month-on-month, but remain at record highs as they were 2.3% up year-on-year.

Queensland highlights

After more than two years of monthly dominance, Queensland was knocked off its perch in November, falling to second behind NSW for sales settlement growth. Sale settlements in the state for November were up 5.4% month-on-month.

• Residential settlements were up 5.4% month-on-month
• Commercial settlements were up 5.7% month-on-month
• Greater Brisbane Area was up 1.1% month-on-month
• Rest of QLD was up 9.2% month-on-month
• The aggregate value of sale settlements in QLD rose 4.3% month-on-month to $12.0B
• Sale settlements with a new loan were up 4.2% month-on-month
• Refinance settlements were flat month on month, but 10.5% higher year on year.

Victoria highlights

Victoria did not experience the same rebound as its eastern counterparts, with a 0.9% dip in sales settlements.

As with NSW and Queensland, its regional transactions grew, while metropolitan volumes dropped slightly. Refinance volumes continued to remain high, as they’ve been throughout 2022 in Victoria.

Residential settlements were down 1.1% month-on-month

• Commercial settlements were up 1.8% month-on-month
• Greater Melbourne Area was down 1.7% month-on-month
• Rest of VIC was up 1.4% month-on-month
• The aggregate value of sale settlements in VIC rose 1.5% month-on-month to $13.9B
• Sale settlements with a new loan were down 2.3% month-on-month
• Refinance settlements were flat compared to Oct-22, but 14.4% higher year-on-year.

Western Australia highlights

Western Australia also saw healthy sales settlement growth with a 4.7% month-on-month jump, while having CBD and regional transactions growing month on month.

• Greater Perth Area was up 4.8% month-on-month
• Rest of WA was up 4.4% month-on-month
• The aggregate value of sale settlements in WA rose 2.9% month-on-month to $4.2B
• Sale settlements with a new loan were up 2.4% month-on-month
• Refinance settlements were flat month on month, but 32% higher year-on-year.