Housing market to slump as 'open for inspections' cancelled

But REA Group chief executive Owen Wilson warned some of the reactions to the new rules were "over-stated", and auctions were a minority of property sales, while he expected prices might reduce slightly rather than crash.

"I think anything that gets in the way and causes friction to any marketplace ... is going to have an impact," he said, although he said the property market had proved "resilient" over time, including bouncing back quickly after SARS. "There is a natural pent-up demand for people who have sold and need to buy a new home and there will be a rebound when this is over."

McGrath Estate Agents founder John McGrath said for those not fearful of unemployment it was still "business as usual".

really, you morons. It was 40-50% inflated before!! The Government must block foreign sales during and after this crises. Australia is not for sale. scomo smh guardian

Didnt see that coming.

Let's all pray housing prices will finally tank, back to their actual real value of up to 60% wipe out. Thank you corona.

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Housing market to slump as 'open for inspections' cancelledThe number of houses sold could drop 50 per cent in coming months as spiraling unemployment and auction bans take their toll. auspropertyscam Only 50%? Because there's no Chinese coming in with bags of cash. That’s the governments intention to stagnate the economy .
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