Australia’s property sector has witnessed almost 200,000 properties settled during the first quarter of 2021, with Queensland recording its highest quarterly property sales settlement number (51,771) since 2007, according to the latest analysis by PEXA, Australia’s leading digital settlement platform.
Queensland’s 40% jump year-on-year illustrates the current confidence in the north-eastern Australian property market, however the same could be said out west with Western Australia seeing 57% growth year-on-year and recording its highest property sales settlement number since at least 2015.
Mike Gill, Senior Research Manager, PEXA, said the Australian property market continues to perform strongly and sees no strong reason for this trend to change in the immediate future.
“We have seen a really strong start to the year Australia wide, with the nation recording 30% year-on-year growth in property sales settlements when compared to the beginning of 2020.
“It is particularly pleasing to see strong results for Western Australia and Queensland, two states that have experienced softer property markets in recent years. We have also witnessed considerable momentum build in Victoria, with the state living up to its property powerhouse reputation recording the most sales settlements (more than 55,000) of any state during this period.
“All Australian mainland states have jumped out of the gates well, with New South Wales posting 26% growth year-on-year, and South Australia experiencing a jump of 28% year-on-year for the quarter”, said Mr Gill.
But can this significant growth trend continue? All leading indicators suggest it will in the short-term, but PEXA’s Mr Gill is continuing to closely monitor the outcomes of some major economic developments.
“Much of the government stimulus initiatives have now, or will be soon wrapping up, such as JobKeeper and the HomeBuilder scheme. It remains to be seen how much of an impact, if any, this will have on the property market”, said Mr Gill.
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PEXA (Property Exchange Australia) is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically. PEXA was formed in 2010 to fulfil the Council of Australian Governments’ (COAG) initiative to deliver a single, national e-Conveyancing solution to the Australian property industry. It was originally known as National e-Conveyancing Development Limited. PEXA is committed to supporting the property industry as it transitions towards a 100 per cent digital conveyancing process that’s fast, safe and efficient. Since 2014, over 7.5 million transactions have occurred via PEXA, and today, and more than 80% per cent of all property transfer settlements in Australia are processed on the PEXA platform.