According to end of financial year figures released by PEXA, Australia’s economic recovery from the effects of COVID-19 has been led by the performance of our east-coast property market between July 2020 and June 2021.
The QLD property market is currently leading the growth, recording more than 203,000 property sale settlements worth more than $106b. This marks a significant 37% year-on-year growth in settlements and 44% year-on-year growth in value.
Mike Gill, Senior Research Manager at PEXA comments; “The Sunshine State has had an incredible year in property, with Greater Brisbane jumping more than 50% on last year’s figures, and the rest of Queensland delivering significant year-on-year gains.” The highest number of sales in Queensland were in Surfers Paradise, Southport and Maroochydore.
NSW has also experienced strong gains across its property sales, recording more than 218,000 settlements worth more than $186b. This marks a 26% year-on-year growth in settlements and 26% year-on-year growth in value. The state’s residential sector accounted for more than 84% of all sale settlements.
Despite Victoria’s second extended lockdown, the state has recovered quickly after restrictions eased. VIC witnessed more than 198,000 property settlements - an 11% year-on-year growth worth more than $127b.
Australia’s property sales have been fuelled by low interest rates, government stimulus and increased buyer demand.