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Australian property market records unprecedented YOY growth

Market insights 3 weeks ago Read time: 1 minute

As reported by PEXA, Australia’s property sector is booming off the back of the COVID-19 crisis. During the first quarter of 2021 alone, PEXA has witnessed almost 200,000 properties settled across the nation - a staggering 30% year-on-year growth. While Victoria remains the 'property powerhouse' with 55,000 settlements, Queensland has recorded its highest quarterly property sales settlement number since 2007 - with 51,771 properties settled. 

“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.” 

Mike Gill, PEXA

This, together with Queensland’s 40% increase year-on-year clearly demonstrates the current confidence in the north-eastern Australian property market. Mike Gill, Senior Research Manager at PEXA said the Australian property market continues to perform strongly and sees no strong reason for this trend to change in the immediate future. 

Mike continued, “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 settlement 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 Mike. 

“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 Mike. 

All leading indicators suggest this trend will continue in the short term. 

Source

Image credit: Glenn Carstens-Peters