PEXA Property Insights report found $39bn in QLD property settlements in Jan-March 2022

Queensland leads Australia for third successive quarter in property sale settlements but a slowdown looms. See where the hotspots are.

Property booms rolls on in first quarter of 2022.

Queensland has continued its record-breaking property run in the first quarter of 2022 with assets valued at about $39bn sold but uncertainty remains with the threat of interest rises, war and new variants of Covid-19 potentially to impact on the market.

PEXA’s Property Insights quarterly report found Queensland continued its recorded breaking form leading the country for a third successive quarter for volume with 51,458 sale settlements.

PEXA Insights head of research Mike Gill said while year-on-year growth in property witnessed over the past three years was not the same, sale settlements were at similar levels to the record numbers seen in the first quarter of 2021.

“One of the more interesting trends we have seen in the latest quarter is a return to capital cities,” he said.

“Throughout the Covid pandemic, regional areas boomed, however with restrictions significantly relaxed, it appears Australian homebuyers have refocused on the metropolitan regions.”

Queensland continued its recorded breaking form leading the country for a third successive quarter for volume with 51,458 sale settlements.

The PEXA Group, which owns and operates Australia’s online property exchange network, found more than $150bn worth of property was settled across the east coast of Australia in the first quarter of 2022.

PEXA’s chief data and analytics officer Scott Butterworth believes that although Australia’s

property market continues to demonstrate its resilience, there are many variables yet to play out in 2022.

Ray White auctioneer Andrew Bell in action on 23 January, 2022. Picture by Richard Gosling

“A level of uncertainly remains across global markets with new variants of Covid emerging, the Russian invasion continuing, and rising interest rates,” he said.

“The PEXA Insights team will continue to closely monitor the impact of these issues on the Australian property, most notably the imminent rise in the Australian cash rate as speculated by many of the nation’s leading economists,

QLD’S TOP 20

Property sale settlements in the first quarter of 2022

1. Toowoomba – 835

2. Surfers Paradise – 810

3. Mackay – 784

4. Bundaberg – 687

5. Caloundra – 676

6. Urangan – 667

7. Coomera – 608

8. Beenleigh – 602

9. Southport – 574

10. Ipswich – 540

11. Springfield – 534

12. Gladstone – 517

13. Caoboolture – 465

14. Gympie – 458

15. Runaway Bay – 431

16. Cairns – 418

17. Russell Island – 409

18. Nerang – 407

19. Logan Reserve – 404

20. Frenchville – 399

Source: PEXA