New figures show a steady increase in real estate sales across the country from 1 January to 30 March.
National data from property experts InfoTrack found there was a 62 per cent (%) increase in property sales around Australia over the first quarter.
The best performing areas were New South Wales and the ACT, where sales more than doubled over the three-month period.
InfoTrack’s Head of Property Australia, Lee Bailie, said the Property Market Update Q1 2023 showed strong sales activity as Australians took advantage of lower property prices.
“While it was a slow start to the year, encouragingly, March seems to have bounced back to a similar level of transactions experienced in October and November 2022,” Mr Bailie said.
“We saw steady improvements in sales across New South Wales, Queensland, Victoria, Western Australia, South Australia, Tasmania and the ACT.”
InfoTrack’s report found from January to March 2023:
- ACT sales more than doubled, up 130%
- Sales across NSW were also more than double, up 109%
- VIC saw an increase of 78%
- There was a 70% increase in sales across TAS
- Sales across QLD jumped by 57%
- WA saw a 27% improvement in sales
- SA sales increased by 6%
Mr Bailie said the report also examined the most popular postcodes in Queensland and New South Wales.
“The Sunshine Coast suburb of Buderim had the highest volume of house sales of any suburb across Queensland over the past three months,” Mr Bailie said.
“Both the Sunshine Coast and Gold Coast were both well represented in the State’s Top 10.
“Unsurprisingly for Queensland, 7 of the top 10 suburbs for residential unit sales were on the Gold Coast, with Surfers Paradise taking out the number one spot.”
Mr Bailie said Sydney’s west, southwest, and northwest suburbs once again dominated the top 10 for New South Wales first home buyers.
“The postcode 2155, which encompasses Kellyville and Rouse Hill, was the State’s most popular location for first home buyers, while the Central Coast postcode of 2250 which encompasses Erina and Gosford was the only location in the first home buyers’ top 10 outside Greater Western Sydney.
“Given the overall strong performance of property sales nationally over the most recent quarter, we expect more Australians to take advantage of the current buyer’s market to purchase a home.”
The full report can be viewed here.
