Queensland is the 'shining light' of the national property market, says PEXA

2 years ago

1 minutes

PEXA's most recent report names Queensland the 'shining light for the national property market'. Despite last year's challenges, the property market has skyrocketed, with buyers taking advantage of record-low interest rates.

Queensland led the nation for annual property sales for the first time on record, recording a year-on-year increase; in 2021, the state recorded 232,824 sale settlements, up 41% from 2020 and up 59% from 2019. The aggregate value of all sales was $158.5 billion - which is up 76% from 2020 and up 116% from 2019.

Surfers Paradise was the most popular postcode in the state, with 3,302 settlements.

article-image — Chevron One, in Surfers Paradise, features sweeping, panoramic views of the beach, river and hinterland.

New South Wales came in second, with its $262 billion settled in 2021, making up for more than a third of the nation's value in property sales.

"Although nudged out of the top spot by Queensland for the first time on record for the number of properties sold during a year, home buyers in New South Wales as a collective have spent approximately $76 billion more on property in 2021 than any other region," explained Scott Butterworth, PEXA Insights' Chief Data and Analytics Officer.

Next was Victoria. "Consumers in Victoria have experienced more lockdown-related disruption than any other mainland state. However, the state's property market has demonstrated strong resilience, posting an increase of 50% growth in aggregate property value for 2021," said Butterworth.