Queensland leads east coast property surge By Aoife Garvan
All eyes are on the property market this year as the country bounces back from a tumultuous year of restrictions and COVID-19. Each state is experiencing its own unique recovery patterns, including Queensland. Recent insights from PEXA show the state spearheading an early year surge in Australian property transfers, recording an increase of more than 30% year-on-year in all sales settlements for January and February. The sunshine state has outperformed other traditionally strong markets on the east coast with more than 31,000 property sale settlements being finalised in the first two months of 2021. New South Wales and Victoria have also started the year with positive momentum.
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Mike Gill, Senior Research Manager, PEXA, said there are a number of contributing factors to Queensland’s strong performance throughout the summer period. “These results are indicative of heightened sales activity and price growth in the second half of 2020 for Queensland, leading to a positive flow-on effect for 2021 settlement volumes across the state. “Furthermore, there’s been an unseasonable shift in selling behaviour with the season starting much earlier to meet increased buyer demand,” said Mr Gill.
