Queensland's first quarter residential sales jump 40% year on year: PEXA

Queensland has recorded its highest quarterly property sales settlement number since 2007.

Some 51,771 Queensland property sales were settled during the first quarter of 2021, according to the latest analysis by PEXA, Australia’s leading digital settlement platform.

Queensland’s 40% jump year-on-year illustrates the current confidence in the north-eastern Australian property market.

Western Australia saw 57% growth year-on-year in recording its highest property sales settlement number since at least 2015.

Throughout January and February, WA has seen more than 15,000 property sale settlements, which was 5,000 more than the corresponding period in 2020, prior to the impact of COVID-19.

Mike Gill, the senior research Manager, PEXA, said the Australian property market continues to perform strongly.

And he sees no strong reason for this trend to change in the immediate future. 

“We have seen a really strong start to the year Australia wide, with the nation recording 30% year-on-year growth in property sales settlements when compared to the beginning of 2020.

"We have also witnessed considerable momentum build in Victoria, with the state living up to its property powerhouse reputation recording the most sales settlements (more than 55,000) of any state during this period."

New South Wales posted 26% growth year-on-year, and South Australia experiencing a jump of 28% year-on-year for the quarter, said Gill.

Australia’s property sector witnessed almost 200,000 properties settled during the first quarter of 2021, PEXA calculated.