Property sales hit 17-year high

Almost 598,000 residential properties were sold in the year to August, which is the highest number of annual sales since 2004, according to CoreLogic.

The August result was 42% higher than the year before and 24% higher than the 20-year average.

Six states and territories recorded sales volumes above their 20-year average:

· QLD = up 28.9% on the 20-year average

· WA = up 28.6%

· NSW = up 25.3%

· ACT = up 24.8%

· SA = up 23.4%

· VIC = up 20.5%

· TAS = down 3.3%

· NT = down 12.0%

As the statistics show, buyers are competing hard for properties right now. So if you’re in the market, it’s vital you get your finances in order. That way, if you see a property you like, you can beat the competition.