Lockdowns are creating havoc on Australia’s property market as listings continue to be delayed, Real Estate Institute of Australia’s (REIA) President, Adrian Kelly said.
Mr Kelly said this spring certainly doesn’t feel like a normal spring market.
“Where we would usually see an influx of new properties coming to market, the opposite is happening. Melbourne estate agents have been closed for business with spring auction campaigns shelved although the recent allowance of inspections should ease that pain, somewhat. Sydney agents are still trading but under very much imposed conditions. Canberra agents have only just seen restrictions eased while in other jurisdictions agents are still trying to operate normally.
“Despite the low interest rate environment, we aren’t seeing the usual new properties coming to market. In fact, spring listings are down by a staggering 20% to 40%.
“Having said that though, buyer demand is absolutely through the roof with most agents reporting that for every property they are selling, they probably could have sold it another five to ten times over. That is the silver lining…for those sellers that do go to market now they are achieving premium prices due to low levels of competitive properties and pent up buyer demand.
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