Review: Easing of COVID-19 restrictions leads to Christmas settlement rush

Easing of COVID-19 restrictions leads to Christmas settlement rush

Victoria witnessed a 43% month-on-month increase in property sale settlements for the month of December, according to Australia’s leading online property settlement platform, PEXA.

December is often an active month for property settlements Australia-wide, with the Friday before Christmas historically the busiest day on the property sector calendar. December 2020 recorded a two-year high with 79,187 settlements taking place nationally, including 1,711 settlements on Christmas eve with Australian consumers rushing to grab the keys before the New Year break.

“All those involved in the property settlement process brace for December activity, which in 2020 saw an increase in settlements of 22% nationally year-on-year when compared to the month of December 2019,” said Mike Gill, PEXA Senior Research Manager.

“We saw property settlement numbers begin to recover following the easing of restrictions nationally in the second half of the year, however the rebound in Victoria was delayed due to the second lockdown,” said Mr Gill.

During this period, New South Wales generated the highest number of property sale settlements with more than 24,500, Victoria came in second with nearly 21,000 and Queensland closely followed with just under 20,000. Property sales settlements in Western Australia and South Australia remained consistent throughout 2020, with both regions seeing moderate increases across the second half of the year.

PEXA was proud to play its role in providing a digital, secure and importantly non-contact property exchange to facilitate these transactions.

“Special mention must go to the conveyancers, lawyers, financial institutions and all those in the property settlement process who displayed flexibility, innovation and collaboration to make the buying and selling of property as seamless as possible during an extraordinary 2020,” said Mr Gill.