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

4 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.

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.