Australia’s property market continues to tighten

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:

Property listings

Acute shortage of stock.

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At the same time, mortgage demand remains very strong. As shown below, it was the strongest August for “mortgage activity events” in at least four years:

Mortgage activity

Still red hot demand.

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.

Unconventional Economist
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