{"id":31209,"date":"2020-04-01T07:19:20","date_gmt":"2020-03-31T21:19:20","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/?p=31209"},"modified":"2020-04-01T08:07:25","modified_gmt":"2020-03-31T22:07:25","slug":"property-market-resilient-virus","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/property-market-resilient-virus\/","title":{"rendered":"Property market proves resilient in the face of growing virus threats"},"content":{"rendered":"

AUSTRALIA’S property market was in full health this over the weekend despite a noticeable lift in the risk of contagion.Agents declined to shake hands and encouraged bidders to keep their distance at auctions, but attendance figures remained high and many homes sold above reserve.
\nThe 2,220 auctions across the country returned a preliminary clearance rate of 70.6 per cent \u2013 much higher than the 51.4 per cent from the same weekend in 2019.
\nThe number of homes sold under the hammer was 52.5 per cent higher than the previous weekend (1456), which saw much lower volumes due to public holidays in four states and territories, and 18.4 per cent higher than the year before (1875).
\nCoreLogic auction commentator Kevin Brogan said the results showed the virus outbreak had not yet had a major effect on the existing \u201cseller\u2019s market\u201d.
\n\u201cIn that context, I think these are really strong results.
\n\u201cWe did see a little bit of a dip overall, but the clearance rate across capital cities on a preliminary basis is still sitting above 70 per cent, which is quite strong.
\n\u201cIt\u2019s not really possible to look at these figures and determine that the coronavirus has had a marked impact on the auction results \u2013 although there are perhaps other things that it may have impacted on.\u201d
\nThe growing risk of infection has encouraged some agents to shut down open for inspections and replace them with private viewings, Mr Brogan said.
\nAnd bidders are keeping their distance, wearing gloves and using more hand sanitiser.
\n\u201cBut if you were a potential purchaser and you\u2019ve been watching a property being advertised for three weeks and you think \u2018this is the one\u2019 \u2013 are there are other behavioural changes that you might make that are short of pulling out and not bidding at the auction?\u201d Mr Brogan said.
\n\u201cIf you were going out to see a show, you might drop 50 bucks on a ticket if you don\u2019t go.
\n\u201cBut if you\u2019re looking at buying a house and it\u2019s effectively one of your major life decisions, then you may look at any number of actions you might take short of going \u2018Ah, look, I\u2019m just not going to buy a house\u2019.\u201d
\nMr Brogan said although it was important not to underestimate the impacts of the virus on the property market and the broader economy, the space for certain behavioural changes would likely prevent attendance figures and clearance rates from falling off a cliff.
\nHis colleague, Eliza Owen, previously said housing\u2019s illiquidity would prevent property prices from going the same way as shares.<\/p>\n

– WITH REALESTATEVIEW.COM.AU<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

AUSTRALIA’S property market was in full health this over the weekend despite a noticeable lift in the risk of contagion.Agents declined to shake hands and encouraged bidders to keep their distance at auctions, but attendance figures remained high and many homes sold above reserve. The 2,220 auctions across the country returned a preliminary clearance rate […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":149,"featured_media":31210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[19],"tags":[],"post_folder":[],"class_list":["post-31209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nProperty market proves resilient in the face of growing virus threats - Bellarine Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/property-market-resilient-virus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property market proves resilient in the face of growing virus threats - Bellarine Times\" \/>\n<meta property=\"og:description\" content=\"AUSTRALIA’S property market was in full health this over the weekend despite a noticeable lift in the risk of contagion.Agents declined to shake hands and encouraged bidders to keep their distance at auctions, but attendance figures remained high and many homes sold above reserve. 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