Buyer interest in the property market is up 50% on the same time last year, despite the challenges posed by Covid-19. According to realestate.com.au, searches in Victoria and South Australia are up 40% this time last year. Increases in year-on-year growth have been recorded in every state with NSW up 39%, Queensland 33%, WA 49%, the NT 64% and the ACT up 91%.
“The first two weeks after lockdown we witnessed a dramatic fall off in searches,” realestate.com.au chief economist Nerida Conisbee says. “We expected to see that continue to drop off. But after that we saw an enormous pick up.” First-home buyers are among those eagerly searching, with CoreLogic reporting that year-on- year, FHB inquiries rose 40% in April while investor inquiries fell 20%.
Domain reports that interstate searches for property have been rising since Covid-19 hit, with WA property recording a 120% uplift from March 26 to May 4, while interstate searches for the NT rose 153% and Queensland searches rose 108%.