PEXA reports show that the NSW property market has recorded more than 20,300 property settlements in November - up 15% month-on-month. The state is also leading the nation for refinances with almost 11,500 for the month - marking a 10% month-on-month increase and a 49% year-on-year increase.
Both NSW and VIC bounced back after lengthy lockdowns, recording growths of 15.4% and 7.9%, respectively. QLD continues to charge ahead with sale settlements up 13.7% - recording a new high.
The four largest states all witnessed solid year-on-year growth in property sale settlements, with QLD leading the nation with more than 22,000 sale settlements in November. This is a 14% increase from October and a 28% year-on-year increase. NSW and VIC ranked second and third, respectively, for November.
Mike Gill, Head of Research at PEXA Insights, said, “Queensland has clocked up its fourth month in a row as title holders for the most property sale settlements within the country, with the four largest states all showing strong year-on-year growth, most notable New South Wales.”
“It is likely that sale settlement volumes will finish the year strongly, driven by significantly higher listing levels observed during the back-end of the spring selling season, combined with December traditionally being the busiest month of the year as buyers race to settle before Christmas.”
“Continued speculation of rising interest rates from market commentators, albeit against the backdrop of consistent messaging by the Reserve Bank of Australia of no immediate change, is clearly having an impact on Australian homeowners and investors who are focused on ensuring they have the best deal ahead of any potential rate rise,” continued Mr Gill.
Looking back on the year, property trends highlight that 2021 set records for refinancing across the nation. Refinance activity continued to soar in November, with QLD up 81%, NSW up 49% and VIC up 40% year-on-year. All states are currently witnessing a growing number of buyers taking advantage of the current low-interest rates.
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