The Property Insights report published by Property Exchange Australia Ltd (PEXA) reveals that property settlements were down across Australia in FY23 (-18.6%) compared to the previous financial year, however there are signs the second half of the year will recover. Even though interest rates are continuing to change, houses are still very much sought after throughout Australia.
Outside of WA, settlement sale numbers dropped significantly over the past year, (WA only experienced a 9.9% decrease in settlements across residential and commercial properties). More specifically, the month of June 2023 saw over 6,600 settlements within Perth, nearly taking over the record set in March 2022 (6,940 settlements).
Read the full property report by PEXA here.
PEXA has also released its Mortgage Insights report, which shows that across the country in FY23, WA experienced the most growth in refinancing (+29.5%), followed by South Australia (+19.4%) and Queensland (+17.4%). In terms of new lending, WA saw a drop of 11% to just over 64,600 new loans in FY23. However, this fall was significantly smaller than seen in other states.
Read the full mortgage report by PEXA here.