After several months of uncertainty due to the coronavirus crisis, the Australian property market was beginning to get back on track. But precariousness in the market could return following a second round of lockdowns in Melbourne.
June was a particularly positive month for Australian property across almost every measure tracked by realestate.com.au. In fact, last month we saw some of the best conditions since the first lockdown began in mid-March.
But the return to Stage 3 restrictions in Greater Melbourne and Mitchell Shire has forced home auctions back online and open for inspections to be done by appointment only. A drop in consumer confidence could also put home buyers on the backbench, for now.
Only time will tell what the future holds for Australian property post-pandemic, but until then, we can try to map out a possible direction.
Five key trends in the COVID-19 property market:
1. Buyers still active as seller activity trends upwards
2. Distress remains low as September cliff looms
3. First-home buyers remain active but investors have backed off
4. House prices are not collapsing
5. Melbourne lockdown 2.0 could derail recovery
To read the complete article published on realestate.com.au, click here