Property sale settlements across Western Australia recorded 50 per cent year-on-year growth in February, according to digital settlement platform PEXA.
PEXA research found more than 15,000 property sale settlements in WA took place across January and February – 5,000 more than the corresponding period in 2020, prior to the market impact resulting from COVID19.
PEXA senior research manager Mike Gill said overall, Australia’s property market was performing strong and that there had been a number of factors contributing to WA’s lift in sales volumes.
“We saw 60,508 property sale settlements across the nation in February 2021, up approximately 28 per cent year-on-year, and this trend follows a strong January and a remarkable post COVID19 recovery,” Mr Gill said.
“WA’s growth in property sale settlements started to take off upon the completion of the nationwide COVID19 lockdown in mid-2020, helped by the state’s success in controlling the spread of the virus. “
WA led the nation in year-on-year growth in property sale settlements for February, followed by South Australia, which recorded 35 per cent year-on-year growth, Queensland (up 34 per cent), New South Wales (up 28 per cent) and Victoria (up 14 per cent).
“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,” Mr Gill said.
