CoreLogic’s June property market report revealed that total for sale listings were tracking 25% below the five-year average:
The latest REA Insights report shows similar results with active listings down around 20% year-on-year:
At the same time, annual property sales hit their highest level since February 2004, with every mainland capital city and region recording double digit growth in annual sales volumes.
According to REA Group executive manager of economic research Cameron Kusher, lockdowns could tighten the property market even further:
Sydney’s housing market is showing signs of lockdown stress as normal property industry operations are halted in three capital cities because of restrictions…
REA Group executive manager of economic research Cameron Kusher said the fall in listings highlights the overall shortage of properties for sale, with insufficient new listings being added to meet market demand.
“Last month’s double-digit percentage fall in new listings for sale in Sydney and Melbourne can be partially attributed to Covid-19 lockdowns,” Mr Kusher said… “Sydney remains in lockdown and market activity has subsided further.”
Other things equal, the low stock levels should help to support prices while these markets are put on lockdown hiatus.
A sharp slowdown probably won’t arrive until next year following macro-prudential regulatory intervention by APRA, alongside large numbers of new HomeBuilder dwellings hitting the market.
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