Clearance rate set to drop as buyers avoid auctions, open homes

Clearance rate set to drop as buyers avoid auctions, open homes 13 March 2020 Matthew Hughes Article by: Nila Sweeney, Reporter Source: Australian Financial Review March 13, 2020 Auction clearance rates are poised to fall as more buyers delay their purchase and shun public gatherings for fear of contracting the fast-spreading coronavirus. Property search activity – a leading indicator of the health of the property market – has already fallen during the past two weeks. The number of people at open homes fell in all capital cities over the past two weeks compared to early February. Stephen McKenzie “All search activity on realestate.com.au has slowed over the past week,” said Nerida Conisbee, chief economist with the property listing site. Queensland recorded the biggest drop in searches, while Victoria has had the lowest decline in activity. “There is no doubt that the coronavirus is impacting buyer confidence , despite the interest rate cut last week,” said Ms Conisbee. “We are likely to see clearance rates decline this weekend. But at the same time, listings may be impacted as people hold off selling until there is greater certainty around the spread of the virus and ultimately wh

Article by: Nila Sweeney,  Reporter Source: Australian Financial Review March 13, 2020 Auction clearance rates… Read Article

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