The 3029 postcode of Truganina, Tarneit and Hoppers Crossing recorded the highest rate of property sales settlement across the state during 2021.
A Property and Mortgage Insights report released by PEXA Insights, the data arm of an Australian digital property settlement platform, shows that outer suburbs dominated the top 10 postcodes on the list.
Within the 3029 postcode, 6380 sales settlements were recorded.
The 3064 postcode, which includes Craigieburn, placed second with 5230 sales settlements.
The 3030 postcode (Werribee, Point Cook and Werribee South) was third with 3769 sales settlements, followed by postocde 3977 (Cranbourne) with 3734 sales settlements and postcode 3335 (Rockbank) with 3050 sales settlements.
The PEXA report stated that Australians spent more than $688 billion on property in 2021, with more than 834,008 sales settlements completed across the 12 months (a 57 per cent rise on 2020).
“Much of this can be attributed to owner occupiers who took advantage of record low interest rates, motivated to purchase housing based on lifestyle choices and adjusting to the new norm of working from home,” the report stated.
According to PEXA Insights’ chief data and analytics officer, Scott Butterworth said the COVID-19 pandemic had significantly impacted upon the real estate market.
“In what has been a challenging time for many Australians amidst lockdowns and uncertainty, the property market has boomed with purchasers taking advantage of record low interest rates,” he said.
“We also believe many consumers have been motivated to purchase more suitable housing to incorporate new working from home arrangements, which may have led to the significant increase in aggregate value of property settlements across the nation.”
Mr Butterworth said that Victorian residents had experienced more lockdown-related disruptions than any other mainland state in the nation.
“However, the state’s property market has demonstrated strong resilience, posting an increase of 50 per cent growth in aggregate property value for 2021, coming second only to New South Wales,” he said.
