This article is from the Australian Property Journal archive
SALES and mortgage activity picked up over the September quarter, with Queensland recording the greatest number of settlements but NSW still surpassing the Sunshine State in value terms.
According to PEXA’s latest Property and Mortgage Insights report, Australia’s mainland states saw a total of 183,288 settlements over the quarter, up 11.1% annually.
Reflecting a total value of $178.3 billion in the quarter or a 19.8% boost to value from the September 2023 quarter.
Queensland was once more the leader in residential settlements, with 48,361 residential sale settlements recorded and its coastal postcodes the most popular over the quarter.
NSW saw 47,467 settlements, with Sydney’s top postcodes including 2765 (Marsden Park) and 2570 (Oran Park).
While in Victoria there were 44,482 settlements, with Melbourne’s top postcodes including 3064 (Craigieburn) and 3029 (Tarneit).
South Australia’s outer Adelaide suburbs outperformed with 5115 (Munno Para West) and 5114 (Andrews Farm), as well as 5251 (Mount Barker) in the Adelaide Hills.
In NSW more than $57.8 billion was spent on residential property over the quarter, up 20.0% annually.
Queensland moved into second place with $39.8 billion spent on residential property, for a 27.2% annual lift.
PEXA’s mortgage data saw a 16.2% increase in home loans to 137,186, 96% of which were for residential properties.
Queensland again was the top performer with the highest number of new residential loans at 36,078 loans, up 19.7% annually.
While NSW followed with 35,407 new loans recorded, reflecting an annual increase of 17.2%.
“Growth in new housing supply – including housing and apartments – has continued to lag behind growth in demand for new housing nationally in most locations,” said Julie Toth, chief economist at PEXA.
“New homes are taking longer and costing more to build than in the past. High labour and material costs have added to the rising price of new builds. These capacity constraints are pushing more buyers into the market for existing home and pushing home prices higher.”
For commercial property, NSW saw the greatest improvements, with a 10.3% boost to sales in NSW and 10.7% in Victoria.
The value of commercial property sales across NSW, Victoria and Queensland was up 8.5% over the quarter to $18.9 billion.
With the three largest states recording a combined total of 4,387 commercial loans, up 15.2% from the September 2023 quarter.
