The latest REA Insights Housing Market Indicators Report shows that buyer demand, based on the number of views per listing of properties for sale on realestate.com.au, hit an all-time high in August, ahead of a delayed spring selling season in locked-down markets:
This comes at the same time as actual property listings have collapsed to around 30% below average, according to CoreLogic:
There are 765 words left in this subscriber-only article.
Start your free 14-day trial today!
Clearly, there is a disconnect between advertised supply and housing demand, even in cities where hard lockdowns are in effect. This, in turn, is maintaining upward pressure on housing prices in the face of lockdowns.
Basically, the property market is afflicted with a bad case of FOMO (“fear of missing out”), which is adding to the price pressure.