Transaction Numbers Rise
The number of properties changing hands is on the rise despite the low level of listings, according to data from property settlement platform PEXA.
Its latest Property Insight Report, says the December quarter recorded the highest number of property transactions of any quarter during 2023.
The report says more than 670,000 properties were bought and sold in Australia last year, worth a combined value of around $613 billion.
Residential settlement volumes grew across all price levels in the second half of 2023 with nearly $50 billion of residential property settled in December.
PEXA head of research Mike Gill says the increase in sales at the end of the year, shows that buyer confidence is returning.
“Sales volumes are likely to recover further during 2024,” he says.
“Particularly if inflation decelerates, we could expect the RBA to keep interest rates on hold, and eventually cut them.”
The report shows that settlements are up for properties worth more than $1 million and for those below $500,000.
