Omicron impact on real estate market: current outbreak having different affect than Delta - realestate.com.au

The Delta strain outbreak of Covid and subsequent lockdowns in many Australian cities last year helped fuel a surge in house prices, but the current Omicron outbreak is having a vastly different impact on the housing market.

When the nation’s two largest economies endured extended lockdowns in 2021, cautious home sellers kept their plans on hold, resulting in an influx in property listings once life returned to relative normality.As Omicron picked up steam and started smashing daily case number records, a large portion of the population either decided to stay at home or isolate after contracting Covid – a factor that has left countless hospitality and retail businesses in a vulnerable position.

“I don’t think the Omicron wave should have too much of an impact on the housing market and change the direction of it too much. It will be fairly much as we were, prices still rising but the rate of growth slowing a bit from where it was at the peak of last year.”Mortgage Choice CEO Susan Mitchell said if last year’s lockdowns were anything to go by, a renewed push towards buying property could prove possible in 2022.

“People were 40 to 45 months ahead in their mortgages,” she said. “If they have that ability to save, maybe they have the ability to get a deposit together quicker.” “We are continuing to see an influx of properties come onto the market even though we have got Omicron,” Ms Conisbee said. “In terms of listings I don’t think it will make a huge dint.”

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