{"id":24163,"date":"2020-03-18T10:11:27","date_gmt":"2020-03-17T21:11:27","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=24163"},"modified":"2020-03-18T10:11:39","modified_gmt":"2020-03-17T21:11:39","slug":"the-coronavirus-crisis-hasnt-smashed-the-property-market-yet-but-that-could-be-about-to-change","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-coronavirus-crisis-hasnt-smashed-the-property-market-yet-but-that-could-be-about-to-change\/","title":{"rendered":"The coronavirus crisis hasn&#8217;t smashed the property market yet, but that could be about to change"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>PHOTO:  The outlook for the Australian property market is ominous in the short-term. <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The coronavirus has begun to soften auction clearance rates, as less people turn out to auctions in capital cities.<\/strong><\/li><li><strong>As the outbreak continues, and the economy weakens, property sales are expected to suffer in the short-term.<\/strong><\/li><li><strong>Another rate cut expected to be announced on Thursday could offset pressure on mortgages, and boost a potential recovery, as fears of a recession loom.<\/strong><\/li><\/ul>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\"> While the coronavirus takes global stock markets for a wild ride, it\u2019s left Australia\u2019s sacred cow, its beloved property market, well enough alone. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Take auction clearance rates, one of the market\u2019s leading indicators, for example. Over the weekend they showed the first signs of softening, although haven\u2019t fallen significantly yet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe impact so far has been pretty muted. Clearance rates have been down a touch but they\u2019ll still be pretty solid numbers when they\u2019re finalised later this week, probably ending up around 70% in Sydney and 65% in Melbourne,\u201d Domain economist Trent Wiltshire told Business Insider Australia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere are fewer people at inspections but it doesn\u2019t seem like the news has flowed through to the property market although there is some risk to the short-term outlook.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/www.businessinsider.com.au\/australian-property-market-house-prices-coronavirus-economy-2020-3\">BUSINESS INSIDER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: The outlook for the Australian property market is ominous<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/the-coronavirus-crisis-hasnt-smashed-the-property-market-yet-but-that-could-be-about-to-change\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":5762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478099548,478108580,478109043,478103996,478101743,478099125,478098579,478100178,478099918],"class_list":["entry","author-data123nz","post-24163","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-auction-clearance-rates","tag-coronavirus","tag-coronavirus-crisis","tag-property-auctions","tag-property-correction","tag-property-crash","tag-property-market","tag-property-recession","tag-property-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The coronavirus crisis hasn&#039;t smashed the property market yet, but that could be about to change - 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