QLD and WA settlements soar to new heights by Hannah Page
QUEENSLAND set its highest sales settlements since 2007 in the first quarter of the year, as confidence soars in the north-eastern property market.
According to recent analysis by PEXA, national sale settlements in the first quarter were up 30% compared to the same period in the previous year, with nearly 200,000 properties being settled.
“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 Mike Gill, senior research manager, PEXA.
In Queensland sales settlements were up 40% year-on-year, with 51,771 properties settled in the quarter.
Confidence is also up in Western Australia as the state recorded 57% growth, in the highest level of sales settlements since 2015.
“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,” added Gill.
New South Wales also reported growth, up 26% compared to the same period in the previous year.
Meanwhile South Australia, saw a 28% increase in the quarter compared to the first quarter of 2020.
According to PEXA, growth at these high levels is expected to be short term, in line with leading indicators.
“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,” concluded Gill.