PHOTO: Property listings
The housing market is teetering on the edge, with the question being, how far will it fall, according to Quotable Value Limited.
QV said house prices were showing the first signs of fragility as Level 2 lockdown protocols allow for the property market to return to a new normal.
The QV House Price Index for May showed the average value nationally increased 2.4 per cent over the past three months, down from 3 per cent in April.
QV general manager David Nagel said a May bounce in sales volumes was likely the result of pent-up demand from six weeks of lockdown.
“We are now seeing buyers exercising caution with many expecting greater volumes of listings to come on stream later in the year as the full impacts of the economic downturn start to bite.”
He said a disconnect was developing between buyers and sellers amid declining sales volumes.
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