Sales volumes jumped 5.5 per cent in the 2023-2024 financial year with Australia’s mainland states recording 663,158 residential property settlements.
Here’s your one-minute wrap on latest PEXA Property Insights report.
The headline figure:
Residential property market spending surged to $585.6 billion, up 12.6 per cent. year-on-year.
The fast five:
- Queensland led with 180,462 residential transactions, followed by NSW (177,656) and VIC (172,902).
- Greater Sydney and Greater Melbourne saw transaction growth of 16.1 per cent and 8.6 per cent respectively.
- The eastern states also accounted for the largest value of sales, with NSW recording $215.5 billion, VIC $142 billion, and QLD $137.6 billion.
- Commercial property sector experienced a 3.2 per cent decline in settlement numbers.
- Tarneit had the highest settlement number of any suburb nationally in FY24, at 5906 sales.
What else you need to know:
Metropolitan areas outperformed their regional counterparts, reversing pandemic-driven trends, with sales in regional NSW up just 1.1 per cent, while sales in regional Victoria were down 5.9 per cent.
PEXA Group’s Chief Economist, Julie Toth, says:
“Areas like Tarneit really stand out with a high number of settlements, reflecting their popularity among homebuyers.
“Other high-ranking city suburbs, such as Marsden Park, Craigieburn, and Ripley, continue to attract significant interest due to their large-scale greenfield housing developments.”
Dive deeper:
To read the full PEXA Property Insights report, click here.
