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.”
Image: Getty
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