Buyer demand ‘holding up’ in premium suburbs of Sydney and Melbourne

REA Group Chief Economist Nerida Conisbee says the property market in premium suburbs of Sydney and Melbourne appears to be least affected by the COVID-19 pandemic. “If you have a look at somewhere like Sydney’s east, we’re seeing six times the level of activity we’re seeing in the south west,” she said. “If we have a look at some of Melbourne and Sydney’s most expensive suburbs… they’re the ones that do seem to be holding up a lot better in terms of buyer demand.” Ms Conisbee said the auction market saw “quite a significant change” since the start of the coronavirus crisis. “Before COVID-19 we saw roughly around 15 per cent of homes sold via auction, now we have had a ban on live auctions, a lot of agents have moved to digital auctions,” she said. “The take up hasn’t been as great as live auctions – so we’re seeing only around five per cent of homes sold via online auctions which is a big drop.”

from National | Daily Telegraph https://ift.tt/3a0oDEA