Western Australia’s (WA) property sector is going from strength to strength, with February 2021 registering more than 50% year-on-year growth in property sale settlements when compared to the same month in 2020, according to numbers released today by PEXA, Australia’s leading digital settlement platform.
Throughout January and February of this year, WA has seen more than 15,000 property sale settlements, 5,000 more than the corresponding period in 2020, prior to the impact of COVID-19.
Mike Gill, Senior Research Manager, PEXA, said the Australian property market in general was performing strong, but there are a number of contributing factors leading to WA’s significant uplift.
“We saw 60,508 property sale settlements across the nation in February 2021, up approximately 28% year-on-year, and this trend follows a strong January and a remarkable post COVID-19 recovery.
“WA’s growth in property sale settlements started to take off upon the completion of the nationwide COVID-19 lockdown in mid-2020, helped by the state’s success in controlling the spread of the virus. The year-on-year growth in property sale settlements to kick start 2021 coincides with the wider economic recovery of the state, as recently announced by the WA Government”, said Mr Gill.
Behind WA, South Australia (35% growth year-on-year) and Queensland (34% growth year-on-year) also experienced strong momentum during February, with New South Wales (28% growth year-on-year) and Victoria (14% growth year-on-year) rounding out the mainland states.
“Looking at the leading indicators of settlements, such as new listings and sale volumes, we expect to see this growth trend continue into March and beyond, with settlements in 2021 already shaping up to be well up on 2020”, said Mr Gill.
The Australian property sector’s promising recovery from COVID-19 continues to place the nation in an enviable position of many countries across the globe.
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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, more than 7.5 million transactions have occurred via PEXA, and today, more than 80% per cent of all property transfer settlements in Australia are processed on the PEXA platform.