Property sales facing “worst ever” collapse

Only a fortnight ago, CoreLogic published the below chart showing that Australian property sales had bounced back from the “worst ever” collapse, with capital city sales running 9.1% above last years levels, driven by a massive increase in Sydney (+20.7%):

Now, with Australia heading into lock down, Australians facing mass unemployment, and auctions and open for inspections cancelled, it is forecast that property sales could collapse by 50%:

Jobs ads have also gone “off a cliff”, as thousands of Australians get sacked and companies face financial ruin due to the coronavirus pandemic smashing the economy.