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.
