Monday , September 27 2021
Home / Business / Spring home sales wilt as post-lockdown blooms

Spring home sales wilt as post-lockdown blooms

In fact, lockdowns have helped accelerate the shift away from paper property transactions to digital transfers, boosting its business, it said.

Loading

“We went into lockdown and it didn’t drop off as dramatically as what people would have thought. What we also did see, is that there was a bounce-back,” Mr King said.

Millions of land titles and mortgages are now exchanged or refinanced on the electronic conveyancing platform. Transactions, a key measure of property market activity, were up 37 per cent to 3.3 million over the year.

The significant jump in volumes saw it post a 42 per cent hike in revenue for the financial year to June, to $221 million.

PEXA expects to open its exchange in the Australian Capital Territory this financial year after growing its stranglehold of property transfers in the key eastern states of Queensland, NSW and Victoria to 80 per cent of the market.

Mr King said momentum was building behind PEXA’s push to enter the UK market with a similar property transfer platform, a key growth strategy for the company.

He said the firm will maintain its 2022 financial year forecasts of $247 million in revenue.

Other property companies are also seeing strong bounce-back from shopping-starved customers when restrictions ease.

Australia’s largest retail landlord Scentre Group, which owns and manages Westfield malls across the country, predicted shoppers will flood back to its shopping centres once national lockdowns are over and the majority are vaccinated.

Sales in its malls bounced back strongly in the first half of this year when restrictions lifted.

Home sales are also holding up “remarkably well” in Sydney and Melbourne, Mr Moore said.

“We’re not seeing anything that’s really concerning us around August or September which is probably the line of sight that we have,” he said.

The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.

About admin

Check Also

Dismissal of unvaccinated worker who refused flu shot upheld

The Australian Industry Group welcomed the commission’s decision saying it would influence decisions relating to …