How South Australia’s three-day COVID-19 lockdown impacted the property market – realestate.com.au

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Elevated view of houses & rooftops in leafy eastern suburb of Adelaide

Property search exercise dropped throughout South Australia through the transient coronavirus lockdown final week, newest realestate.com.au knowledge exhibits.


Property searches dipped throughout South Australia final week following new coronavirus restrictions and a three-day exhausting lockdown, newest realesate.com.au knowledge reveals.

The excellent news is trade consultants imagine the development will probably be short-lived because the lockdown was rapidly lifted and the market was so sturdy within the lead as much as it.

The figures present purchaser search volumes dropped 11.3 per cent – or by greater than 100,000 – throughout the state final week, whereas rental search volumes fell 14.4 per cent – or greater than 30,000.

Whereas they had been the biggest falls recorded throughout the nation, REA Group financial analysis government supervisor Cameron Kusher mentioned it could doubtless bounce again now the lockdown was lifted

REA Group financial analysis government supervisor Cameron Kusher. Pic: Andrew Henshaw


“For those who take a look at the primary lockdown we had nationally it was the identical development,” he mentioned.

“The factor we’ve seen again and again although is the rebound is admittedly sturdy.

“What’s does do is spotlight how cautious individuals are and the way any kind of lockdown can actually affect on client confidence.”

Mr Kusher mentioned the uncertainty of how lengthy the lockdown would final was doubtless the reason for the drop.

Harcourts South Australia chief government Gregg Toyama mentioned many individuals cancelled Saturday inspections due to the lockdown however because it was lifted, they had been returning to the market.

“General usually we’re nonetheless seeing sturdy demand from patrons and renters alike,” he mentioned.

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Harcourts South Australia chief government Gregg Toyama. Pic: Mike Burton


“I’ve been in the actual property trade in South Australia for 30 years and it’s one of many strongest markets I’ve seen throughout the board.

“The query is whether or not that’s going to stay previous March when JobKeeper ends.”

He mentioned report low rates of interest, authorities help by way of grants and elevated curiosity from interstate and abroad patrons within the wake of COVID-19 had been behind the sturdy demand.

Whereas the market was historically quieter between Christmas and mid January, Mr Toyama mentioned that may not be the case this yr.

“We’re positively getting a really sturdy feeling that it’s going to be a shorter than regular Christmas break,” he mentioned.

“There’s nonetheless sturdy purchaser demand that must be serviced.”

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