- WA led the nation out of COVID-19, in terms of property sales
- PEXA recorded 15,000 property settlements in February 2021, up 50% YOY
- South Australia was in second place, followed by Queensland, NSW and Victoria
Western Australia registered more than a 50% growth in property sale settlements in February 2021 as compared to the same month last year, according to Property Exchange Australia (PEXA).
PEXA is Australia’s leading digital settlement platform. As such, they see the quantum of property transactions occurring in various markets.
Last month, 15,000 sales were recorded in the West, 5,000 more than February 2020, just before we all went into lockdown and a whole new world.
That the market is pumping along at significantly higher levels than it was just before the pandemic hit is tantamount to the manner in which WA managed the pandemic.
Mike Gill, Senior Research Manager at PEXA, said the Australian property market, in general, was performing strong, but there are a number of contributing factors leading to WA’s uplift.
“We saw 60,508 property sale settlements across the nation in February 2021, up approximately 28% year-on-year, and this trend follows a strong January and a remarkable post COVID-19 recovery,” Mr Gill said.
“WA’s growth in property sale settlements started to take off upon the completion of the nationwide COVID-19 lockdown in mid-2020, helped by the state’s success in controlling the spread of the virus.
“The year-on-year growth in property sale settlements to kick start 2021 coincides with the wider economic recovery of the state, as recently announced by the WA Government.”
Mr Gill, Senior Research Manager at PEXA,
WA led the nation in terms of its property market growth out of COVID-19.
Year-on-year Settlement Growth
In second place was South Australia (35% growth year-on-year) closely followed by Queensland (34%), with New South Wales (28%) and Victoria (14%) next.
“Looking at the leading indicators of settlements, such as new listings and sale volumes, we expect to see this growth trend continue into March and beyond, with settlements in 2021 already shaping up to be well up on 2020”, said Mr Gill.