Preliminary auction results showed the clearance rate slumped to 61.3% last weekend from above 70% in recent weeks. It was likely the figure would be revised lower to below 60% for the first time since mid-2019 as more data is collected, according to property consultancy CoreLogic.
Economists are predicting a 10-15% fall in prices this year as activity slows and the unemployment rate rises making fewer people eligible for new loans to buy homes. Still, economists expect Australia will slip into its first recession in nearly three decades this year while the unemployment rate could jump to as high as 7.5% from 5.1% now.
Some companies are adopting video conferencing and other measures to get around disruptions caused by the virus epidemic.
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