New South Wales takes top spot for property settlements

By Isabelle Harris

Australia’s property boom is showing no signs of slowing down, with the battle for State of Origin honours going to New South Wales in April.

The state recorded the most property sales settlements across the nation, according to the latest analysis by PEXA, Australia’s leading digital settlement platform.

The ‘Blues’ win reverses the recent trend of Queensland dominance seen throughout quarter one of 2021, even with the ‘Maroons’ posting a 57% yearon-year increase for April.

The property market experienced its moderate seasonal Easter decline – witnessing a 4.2% month-on-month, when comparing property sales settlements nationally from March to April.

This traditional slow-down was not enough to halt momentum across the country, with property sales settlements up 38% year-on-year and each mainland state recorded double digit year-on-year growth.

Western Australia continued its surge forward, with sales settlements up a healthy 71% year-on-year, and South Australia was not far behind with an annual increase of 43%. Mike Gill, PEXA’s Senior Research Manager, said its pleasing to see the sector’s continued growth and resilience.

“The property market continues to power ahead – though Easter fell during the month of April, settlement volumes remained well above levels from previous years and the momentum shows no signs of stopping.

“The question remains as to whether Victoria can continue its strong rebound from a restricted 2020 to keep up with its northern and western counterparts.”

And Gill said that the newly revealed Federal Budget will continue to provide stimulus to the sector.

“Additional property initiatives announced in the 2021-22 Federal Budget largely targeted first home buyers with an extension of the HomeBuilder construction commencement period to 18 months for existing applicants of the heavily oversubscribed scheme, as well as the New Home Guarantee and First Home Super Saver Scheme.

“We’re expecting that these new measures will continue to see increased demand from First Home Buyers in the first half of the new financial year.”