National property market gains momentum with double-digit growth

Australian property settlements surged nearly 20 per cent in value during the September quarter, according to new PEXA research.

The property settlement platform recorded 183,288 transactions worth $178.3 billion across mainland states.

PEXA Group Chief Economist Julie Toth said housing demand continues to outpace supply.

“New homes are taking longer and costing more to build than in the past. High labour and material costs have added to the rising price of new builds,” Toth said.

Queensland led residential settlements with 48,361 transactions.

Brisbane maintained its position as Australia’s second most expensive capital city behind Sydney.

Regional Western Australia showed the strongest growth with residential volumes up 19.5 per cent.

New home loans increased 16.2 per cent to 137,186 across the quarter.

Queensland recorded the highest number of new residential loans at 36,078, up 19.7 per cent year-on-year.

The commercial property market rebounded with NSW and Victoria both posting over 10 per cent growth.

Sydney’s western growth areas dominated NSW settlements, while coastal regions led Queensland activity.

Total commercial property sales across NSW, Victoria and Queensland reached $18.9 billion, an 8.5 per cent annual increase.

The data showed improving consumer sentiment despite ongoing caution around debt levels.