Queensland and New South Wales rose as the top states for residential sales in 2021, supporting the overall performance of the property market.
PEXA’s latest Property and Mortgage Insights report showed that there were more than 834,008 sale settlements completed in 2021, bringing the overall sales to 1.4m since the onset of the pandemic.
Overall, Australian homebuyers spent more than $688 billion on property in 2021.
Queensland recorded the most settlements over the year with 232,824 transactions, representing gains of 41% from 2020 and 59% from 2019.
PEXA insights’ chief data and analytics officer Scott Butterworth said the data indicates a strong run for the state over the past year.
Meanwhile, the state achieved $158.5 billion in overall sales value in 2021, up 76% from 2020.
“Queensland was the shining light for the national property market, leading the nation for annual property sale settlements for the first time on record,” he said.
Surfers Paradise rose as Queensland’s most popular market after it recorded 3,302 transactions in the year. Urangan followed with 3,079 sale settlements.
Both markets were among the 10 best-performing ones across the nation.
In terms of sales value, New South Wales trumped Queensland — over the year, the state hit $262 billion in sale settlements.
Interestingly, New South Wales had the lowest yearly growth in the volume of sale settlements among all states, up by only 25% to 228,657.
“Although nudged out of top spot by Queensland for the first time on record for the number of properties sold during a year, home buyers in New South Wales as a collective have spent approximately $76 billion more on property in 2021 than any other region,” Mr Butterworth said.
Box Hills was the most popular New South Wales market over the past year, registering 4,509 transactions.
Consistent gains were also recorded in Western Australia and Southern Australia in terms of sales volume and value.
Even Victoria posted growth over the past year, after being the only mainland state to not record annual volume and value gains from 2019 to 2020.
“Consumers in Victoria have experienced more lockdown-related disruption than any other mainland state. However, the state’s property market has demonstrated strong resilience,” Mr Butterworth said.
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Photo by @srd on Unsplash
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