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Residential property market spending has risen to $585.6 billion in FY24, a 12.6 per cent increase year-on-year, an industry report has revealed.
PEXA Group’s Property Insights Report for FY24 showed that Australia’s mainland states saw a total of 663,158 residential property settlements throughout FY24, marking a 5.5 per cent rise from FY23.
With residential property market spending rising to $585.6 billion in FY24, this 12.6 per cent growth from FY23 was described by the firm as marking a “significant reversal in pandemic-driven residential property transaction trends across Australia’s mainland states”.
Within the capital cities, Queensland’s property market saw the most activity in FY24 with 180,464 residential property transactions, closely followed by NSW’s 177,656 and Victoria’s 172,902 transactions.
These eastern states were also responsible for the largest value of sales, with NSW, Victoria and Queensland recording $215.5 billion, $142 billion and $137.6 billion, respectively.
PEXA’s chief economist Julie Toth stated that the biggest metropolitan areas of Greater Sydney and Greater Melbourne “saw substantial growth in property transactions in FY24 with increases of 16.1 per cent and 8.6 per cent respectively”.
In contrast, sales in regional NSW grew by a “very modest” 1.1 per cent, and regional Victoria declining by 5.9 per cent; the chief economist said these outcomes evidenced “a shift in buyer preferences back towards urban living”.
Toth explained that these results were driven by “hotspots of sales activity in the expanding outer suburbs”, with buyer sentiment shifting to affordable properties within “commuting distance of their employment, education and community needs”.
“Areas like Tarneit really stand out with a high number of settlements, reflecting their popularity among home buyers – Tarneit had the highest settlement number of any suburb nationally in FY24, at 5,906 sales,” she stated.
“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.”
The seven locations with the highest residential sales settlements for FY24 are:
- Tarneit (Vic), 3029
Residential sales settlements: 5,906 - Craigieburn (Vic), 3064
Residential sales settlements: 5,664 - Clyde North (Vic), 3978
Residential sales settlements: 4,056 - Marsden Park (NSW), 2765
Residential sales settlements: 3,668 - Halls Head (WA), 6210
Residential sales settlements: 3,431 - Point Cook (Vic), 3030
Residential sales settlements: 3,210 - Newtown (Qld), 4350
Residential sales settlements: 3,199
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