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CoreLogic’s weekly market update suggests that lockdowns are tightening the nation’s residential property market.
Specifically, total listings have collapsed, down 18.2% year-on-year:
Shortage of supply.
At the same time, mortgage demand remains strong and has actually gained strength over the past month:
Mortgage demand remains strong.
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Strong buyer demand amid reduced market supply is obviously a recipe for ongoing price growth.
At this stage, lockdowns look likely to impact turnover rather than prices.
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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