The NSW residential market slowed more than that in Queensland or Victoria over the six months to June as transaction volumes and values fell fastest after a booming first half to the 2022 financial year, new figures from electronic conveyancing platform PEXA show.
“NSW saw quite a soft start to the year and it probably hasn’t recovered,” PEXA head of research Mike Gill said.“We’ve seen a more significant softening in NSW evidenced by the drop-offs in volumes and value down nearly 12 per cent.”– as fast-rising borrowing costs and weakening consumer confidence cool the housing market to more normal levels.
Despite the general second-half slowdown, the figures based on the monopoly platform’s settlements data show a record year of housing market transaction performance, despite differences between the housing markets of the three eastern states., where residential settlements jumped 11.8 per cent in number from FY21 to 220,692 – a bigger total settlement number than the 206,052 of NSW or the 201,361 in Victoria .
“In terms of the composition of property sold in the second half, the average value of those was slightly higher,” he said.The biggest single slowdown in transactions in the second half of 2022 occurred in postcode 2179, covering Austral and Leppington in Sydney’s outer southwest, where the number of transactions settled more than halved to 593 from 1397 in the first six months of the financial year.