Have we reached peak property sales volumes in Victoria? Calendar 2017 produced more transfers than any other year in the past 10 years and it was probably an all-time record year.
The last four months of 2017 produced transfer numbers in Victoria 23% higher than the equivalent months of the previous year.
The volume of sale transactions in Victoria was high enough to be greater in number than NSW [first 9 months of 2017] even though Victoria’s population is 20% less than NSW.
What could be creating this rising activity in Victoria? Could it be related to apartment developments? Sydney is going through an apartment-building boom also.
High property prices combined with agent fees and stamp duty is likely dampening sales volumes in Sydney.
Population growth in Victoria is playing a part. While NSW has a healthy rate of population growth at 1.6% per annum (as at June 2017), Victoria’s population growth has been leading the country at 2.3%.
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