This weeks Australian property update

Lot’s of property news and data over the last week. New home listings have blown out in Sydney as sellers are feeling more confident. Dr Andrew Wilson has been reporting this for a few weeks and now Domain data shows that the level of new listings of properties for sale rose 46 per cent over the last four weeks as the state of NSW started to reopen following the virus lockdown. S
imilarly auction clearance results were strong in Sydney over the last fortnight. The number of properties newly listed for sale in Melbourne increased by 22 per cent between May 11 and June 7 compared to the previous four weeks.

At the same time rents are being slashed across Australia’s capital cities with one in three Sydney and Melbourne rentals have been discounted in recent months, according to Domain analysis.
The change has been attributed to job losses, paused migration, increased housing stock and dwindling demand.

This last weekend’s auction results continued the picture that’s been evident since state governments have been easing lock down restrictions. Of course it is still early days and there are many economic clouds to clear before prospective vendors and buyers step up further. The last Westpac Sentiment survey for June released last week revealed another lift in overall sentiment as lockdown measures are eased further.