Virus affecting property clearance rates and buyer participation

Clearance rates and buyer participation has dipped slightly as a result of the COVID-19 pandemic. With increasing social distancing, buyers have shied away from open houses and inspections to avoid becoming infected or spreading the virus. Corelogic Analyst Kevin Brogan said "the number of stories relating to COVID-19 and awareness to them will probably impact on buyer participation". "Consumer confidence and employment prospects are a significant driver for the market," he said. Head of Investment Strategy & Chief Economist at AMP Capital Shane Oliver told Sky News if unemployment rose to 10 per cent, property prices could expect to fall as much as 20 per cent. Image: News Corp Australia

from National | Daily Telegraph https://ift.tt/2U3ISwp