According to PEXA property reports, QLD has recorded the highest number of property sale settlements in the Sept-21 quarter - the standout performer amongst Australian mainland states.
The report indicates that QLD was the only state to achieve positive quarter-on-quarter volume growth - recording over 59,410 sale settlements. This is a 3.4% rise from the previous quarter and a 42.5% rise from the previous year. The breakdown between Brisbane and the rest of QLD is 61.7% and 52.3%, respectively.
A significant portion of the increased market interest can be attributed to the lockdowns across VIC and NSW, which has these buyers looking north for a lifestyle upgrade.
Despite the lockdowns across VIC and NSW affecting both states’ otherwise buoyant markets, NSW achieved an aggregate value for sales settlements of over $71.2b this quarter. In comparison, VIC recorded the next highest aggregate value at $50.2b.
Mike Gill, Head of Research at PEXA Insights, expects to see VIC and NSW property markets ramp up once lockdowns and restrictions are lifted; “if we look back at the trend line in 2020, we could expect to see volumes in these states bounce back once the lockdown restrictions are eased,” he said.