The nation’s housing market appears resilient in the face of coronavirus concerns, industry analysts say.
CoreLogic data shows auction markets remain strong, with a 71% clearance rate from 2,220 homes across the country’s capital cities last weekend. The result was much higher than the 53% tally of the previous weekend (1,456) and higher than the 51% result from the same weekend in 2019.
“With uncertainty rising and confidence slipping as the coronavirus outbreak becomes more widespread, there is some downside risk that housing activity will reduce,” says CoreLogic. “However, based on the latest auction results, the housing market has proven to be relatively resilient so far.”
CoreLogic auction commentator Kevin Brogan says the results show the virus outbreak has not yet affected the current “seller’s market”.
“In that context, I think these are really strong results,” says Brogan.
“We did see a little bit of a dip overall, but the clearance rate across capital cities on a preliminary basis is still sitting above 70%, which is quite strong.”