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Australia’s property market posts strong gains to kick start financial year
By the PEXA Insights team
A wet winter and further COVID-19 based restrictions have not dampened Australia’s red-hot property market, with strong yearon-year sale settlements results across both the east and west coasts of Australia, according to recent findings by the PEXA Insights team.
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Although slightly down on the record numbers we witnessed in June to close out the financial year, Western Australia (61% up year-on-year), Victoria (55% up year-on-year), Queensland (53% up year-on-year) and New South Wales (43% up year-on-year) have continued to see booming momentum in property sale settlements.
Western Australia and Queensland have once again illustrated a renewed strength to their respective property markets, continuing the momentum demonstrated throughout 2020 after years of soft growth.
New South Wales regained its mantle as the highest volume state, with more than 20,500 sale settlements in July, just edging out a charging Victoria (more than 20,300 sale settlements). Victoria’s figures were even more impressive given the end of stamp duty concessions on 30 June, offered by the State government as part of its COVID-19 support package.
But will the New South Wales property juggernaut continue? The strong July results were delivered during a period of lockdown, however as restrictions further tighten and extend, the future looks uncertain.
“New South Wales has witnessed a remarkable recovery since the national lockdown in March last year, however, it is expected that sale settlements will flatten in line with falling listings as the impact of the current restrictions bite,” said PEXA Insights Senior Research Manager, Mike Gill.
“We expect the momentum to continue in Western Australia, albeit at a reduced rate coming off recent highs. However, uncertainty remains across the east-coast with a number of strict lockdowns in play throughout August,” said Gill.
