Real estate agents say it will take some time for the market to adjust to this new reality.
The spread of coronavirus across Australia could see unemployment reach about 10 per cent and house prices drop 20 per cent, say some economists."Overall, we are expecting a substantial drop in new property listings, regardless of the selling method, as buyers and sellers retreat to the sidelines and wait for some certainty to return to their decision making," CoreLogic said.
CoreLogic said it expected the number of withdrawn auctions to rise in coming weeks, but the final clearance rate to adjust lower. "No doubt many of these challenges will be resolved with the benefit of more time to prepare," CoreLogic said.In Melbourne, a preliminary auction clearance rate of 58.6 per cent was recorded across 1,517 auctions.
In comparison, there were 946 auctions held in the week prior and the final auction clearance rate was 58.8 per cent.NAB's David de Garis, director, economics, markets, said there were very large falls in both buying and selling enquiries last week.
This will still benefit people who have money more than people struggling to get a foot in the door sadly.
And then watch interest rates climb to well over 10% before December.
Does this mean all those crappy houses in Syd & Melb aren't really worth millions? Say it ain't so...
Almost time to scoop a bargain
The end of the Ponzi at last?