PHOTO: While listings have dropped nationally, demand for homes is at near historic highs.
Opportunity knocks for brave vendors who are willing to list their homes amid mass lockdowns, according to new research revealing sellers were spooked in July.
The latest REA Insights report out Friday demonstrates that the wave of restrictions introduced in late June – which initially saw almost 12 million Australians locked down — had an immediate impact on the property market.
New listings dropped by 27.3 per cent in Sydney, 14.2 per cent in Melbourne, 6.6 per cent in Brisbane, and decreased by 26.9 per cent in Adelaide during the month.
However in the ACT, where restrictions hadn’t kicked in during July, listings jumped 23.3 per cent.
“The surprising thing about this data is just how much of an impact lockdowns have had on confidence, especially considering we’ve been through this a few times before,” said Cameron Kusher, author of the report and REA’s director of economic research.
“It’s particularly hit hard in a market like Melbourne where you can’t have one-on-one inspections anymore, so it’s probably not a surprise to see things pull back there.
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