Queensland remains the best performing property market in the nation, recording the highest number of property sale settlements in FY22, according to PEXA’s latest report.
The PEXA Property Insights Report shows that the sunshine state recorded 220,962 property sale settlements, up 12% on the last financial year. The sales were worth more than $148bn (up 36% year-on-year).
The Queensland suburbs of Surfers Paradise, Newtown and Urangan each made the top 10 for postcodes that had the highest number of residential settlements across Australia’s east coast. The Surfers Paradise and Broadbeach postcodes combined for an aggregate sale settlement value of approximately $6bn.
Queensland’s commercial property sector also posted strong results with more than 11,000 settlements worth more than $24bn being facilitated.
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But NSW continued to enjoy the highest aggregate value of residential settlements of all Australian states, maintain that position for the second year in a row. It recorded 206,052 settlements (up 1.5% year-on-year) worth $238.5bn (up (29% year-on-year).
NSW’s commercial property sector had 13% growth in sale settlements and led all states in aggregate value with $39.6bn (up 61% year-on-year).
Victoria recorded 201,361 residential property sale settlements (up 8.6% year-on-year) worth more than $167bn (up 35% year-on-year).
Victoria led the east-coast for number of commercial property sale settlements with 13,696 (up 24% year-on-year), worth an aggregate of $34bn (up 50% year-on-year).
Property settlement platform PEXA’s report reveals a buoyant property market over the past 12 months.
PEXA’s head of research Mike Gill (pictured) said due to an extremely strong first half of the financial year, PEXA had seen a record 12 months for residential and commercial sale settlements in volume and value across the east-coast of Australia.
“Queensland’s residential property market continued the strong momentum it has demonstrated over recent years recording the most sale settlements of any state in FY22 and both the NSW and Victorian markets have shown great buoyancy to also post record numbers in FY22,” Gill said.
“The commercial property sector across all three states also posted significant growth in both total volume and value.”
NSW and Victoria joins Queensland in back-to-back record-breaking financial years with more than 628,000 residential property sale settlements worth an aggregate $554bn being completed in FY22.
Despite these results, PEXA said t. were clear signs the market had peaked with a softer second half of the financial year observed.
“The nation’s most populous states being Queensland, NSW and Victoria all experienced year-on-year volume growth for property sale settlements, however, all three states experienced a noticeable decline in sale settlements from the first half to the second half of the financial year,” he said.
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Gill said PEXA had seen a noticeable decline in residential and commercial sale settlement volumes in the second half of FY22 compared to the first half across all three major eastern states.
“NSW and Victoria saw the largest falls over recent months in particular, coinciding with rising interest rates,” he said.
“We have seen the residential property market slightly soften following a period of significant growth and annual records.”