PHOTO: Australian property market
REA Group Economist Anne Flaherty says the main impact of lockdowns on the property markets has been “a really big reduction” in properties available for sale, although the demand remains strong.
“A lot of vendors are being very cautious, they’re quite hesitant to bring the properties to sale in the current lockdown market,” Ms Flaherty told Sky News Australia.
“Now that’s led to a really big reduction in the number of properties selling.” She said, however, the views per listing on realestate.com.au are “close to record highs”, meaning there is “no shortage of buyers”. “And in fact we’re seeing this being another factor contributing to price growth because buyers are competing for a smaller pool of property at the moment which means that they’re having to put in more competitive offers to be successful.”