Market Essentials - June 2020
/This Month in Review
Restrictions eased, markets rallied, and consumer confidence increased during May. Auction clearance rates to 24 May were 62.7%, the highest since week ending 15 March 20, almost back to pre-restriction levels. However according to Core Logic, stock volumes continue to remain significantly lower - 70% below the same week in 2019.
Economists have forecast a drop of between 11 and 32% in house prices over the next three years according to Commonwealth Bank, driven by the end of Government stimulus measures in September. For now, reduced stock levels, willing buyers and sellers transacting on property, and a lower than expected influx of distressed property sales are all preserving property values.
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The Market Essentials Report is compiled by Buyside on behalf of Loanscape. Founded by Josh Masters, Buyside are registered buyer's agents with on the ground expertise in the Sydney and Brisbane property markets.
