BOOM SEES 17-YEAR HOME SALES RECORD

RESIDENTIAL property turnover in the past year hit its highest level since 2004 as demand for property skyrocketed through the pandemic.

Property researcher CoreLogic estimates almost 598,000 houses and units exchanged hands over the year to the end of August, representing a 42 per cent annual jump to hit the highest number of annual sales in 17 years.

Despite record low listing numbers across the country, every state and territory apart from Tasmania recorded a lift of more than 10 per cent in year-on-year home sales, said Corelogic’s research executive Tim Lawless.

Annual sales nationally were 31 per cent above the decade average and 24 per cent higher than the 20-year average.

“Such a significant surge in housing demand may seem surprising at a time when overseas migration has stalled, however the substantial rise in home sales can be explained by a lift in domestic demand from previously low levels,” Mr Lawless said.

“Housing turnover (annual home sales as a percentage of total dwellings) trended lower from late 2015 as credit conditions tightened, housing affordability became more challenging and transaction costs … rose.”