A new report reveals that buyers splashed out a total of $688.7Billion on the 834,008 properties that were sold across Australia in 2021, with outer suburbs dominating the top 10 suburbs for sales volumes.
The remarkable number of property sales throughout the year represents a huge 31.8% jump from 2020, according to the latest Pexa’s Property and Mortgage Insights Report report.
The volume growth experienced in 2021 was on top of 7.2% growth in 2020.
Increased buyer demand saw both years impacted by the pandemic posting increased property sale settlements, the report says.
“Much of this can be attributed to owner occupiers who took advantage of record low interest rates, motivated to purchase housing based on lifestyle choices and adjusting to the new norm of working from home,” the report states.
The total sales volumes for the 834,008 properties sold came to $688.7 billion for the year, which is an impressive 57.3% (or $251 billion) higher than the previous year.
The year ended on a high with a record $76.7 billion recorded nationally in December 2021 alone.
QLD was the standout performer in 2021 recording the most sale settlements of any state at 232,824, up 40.8% year-on-year.
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NSW (228,657) and VIC (220,495) closely followed QLD with WA experiencing the highest year-on-year growth at 41.4%.
By postcode, 3029 postcode (Truganina) claimed the top spot with 6,380 sales settlements.
The 3064 postcode, which includes Craigieburn, placed second with 5,230 sales settlements.
3030 postcode (Werribee, Point Cook, and Werribee South) was third with 3,769 sales settlements, followed by 3977 (Cranbourne) with 3,734 sales settlements and 3335 (Rockbank) with 3,050 sales settlements.
Although VIC dominated the list of top suburbs, Box Hill in NSW, Mandurah in WA, and Surfers Paradise & Urangan in QLD also made the list.
Two of the top-10 postcodes (Surfers Paradise and Urangan) were located outside of greater capital city areas highlighting the popularity of regional areas with buyers.