Housing estate boom drives borrowers away from big banks

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Australians spent more than $688 billion on property in 2021 according to new data from PEXA Insights.

The Property and Mortgage Insights (PMI) report released today by PEXA Insights highlights a 32% increase in annual growth in real estate sales settlement volumes, with more than 834,008 transactions completed nationwide in 2021 .

The report also highlighted an evolution in borrowing, with non-major banks taking on more new loans throughout 2021 than major banks.

PEXA Insights chief data and analytics officer Scott Butterworth said the battle for business in the mortgage industry is set to heat up in 2022.

“Although the major banks gained market share through 2020, the non-major banks managed to improve their position and fight new loan market share away from the majors in 2021,” he said. declared.

“With interest rate movement assumed to be imminent by many commentators, the battleground for new loans and refinances is set to heat up in 2022.”

Non-major banks now lead the majors in all states except NSW and Victoria.

In terms of settlements throughout the year, Queensland led all states with 232,824, but New South Wales led by value – $262 billion.

Non-majorgraph.JPG

Source: PEXA

Overview State by State:

queensland

  • For the first time on record, Queensland recorded the highest number of sales settlements of any jurisdiction in 2021 with 232,824, up 41% from 2020 and 59% from 2019.
  • The aggregate value of all sales was $158.5 billion, up 76% from 2020 and 116% from 2019.
  • Surfers Paradise was the most popular ZIP code in the state for settlements at 3,302, followed by Urangan at 3,079 – both ZIP codes were in the national top 10.

New South Wales

  • As individual property prices continue to soar in the state, New South Wales again generated the highest overall value of sales settlements across the country, at over $262 billion. dollars settled in 2021, up 54% from 2020 and 78% from 2019.
  • New South Wales saw the lowest year-over-year growth in sales settlement volume at 228,657, up 25% from 2020 and 36% from 2019.
  • Box Hill was the only postcode to feature in the national top 10 for home sales settlement volume, with 4,509 settlements in 2021.

Victoria

  • The state recorded more than 220,400 properties settled in 2021 (up 28% year over year), worth $186 billion settled in 2021 (up 50% from 2020).
  • Victorian growth regions dominated the top 10 national postcodes for sales settlements, with Truganina leading ahead of Craigieburn, Werribee, Cranbourne, Rockbank and Clyde.

Western Australia

  • Western Australia saw strong growth in property sales settlements in 2021 with 94,416, up 41% from 2020 and 71% from 2019.
  • The aggregate value of all sales was $51 billion, up 57% from 2020 and 78% from 2019.
  • Mandurah has been among the national top 10 fastest growing postcodes, registering 3120 in 2021.

South Australia

  • South Australia recorded another year of steady growth in property sales settlements in 2021 with 57,615, up 27% from 2020 and 38% from 2019.
  • The aggregate value of all sales was $31 billion, up 47% from 2020 and 77% from 2019.

Sales Settlement Annual Growth.JPG

Source: PEXA


Image by Emma Gossett via Unsplash

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