Analysis: Why lockdowns aren’t suppressing house prices | clancyyeates
It is probably a reflection of the love affair of Australians with property that the recent wave of lockdowns has done little to dampen the housing boom.
Auction clearance rates in Sydney have stayed near long-term averages as buyers make the switch to online bidding. Property watchers say prices are still rising because demand for homes remains surprisingly strong and the supply of properties for sale is falling. He surmises that buyers are more comfortable with online auctions these days, and suggests people are confident the economy can rebound quickly from lockdowns, as it did last year.
Banks are assuming the economy will contract in this quarter before rebounding in the final three months of the year as vaccination targets are met.
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