Australia’s booming property market has seen a record number of transactions and price growth, a new report reveals. Digital property settlements platform Property Exchange Australia (PEXA) has released its Property and Mortgage Insights Report, which confirms the national property boom.

Queensland is the standout performer among the eastern states, with property sale settlements rising 37% to 203,100 in FY2021. NSW recorded the highest settlement volumes of 218,700, a 26% rise. Held back by lockdowns, Victoria lagged at 199,000 settlements, a 12% rise.

PEXA’s report also analyses borrowing behaviour, suggesting regional buyers are less likely than city buyers to fund their new purchase with a loan. It says: “80% of city settlements are funded with a new loan, compared to only 66% for regional settlements, suggesting metropolitan home-owners are moving to regional areas to take advantage of lower-priced properties, flexible working arrangements and a change in lifestyle.”