CoreLogic has reported that the number of home sales was tracking 40% above the five-year average.
Listings were about 26% below the five-year average.
High sales volumes and lack of supply have led to sustained home price increases.
The number of new listings is falling sharply amidst lockdowns. The experience in 2020 was that activity bounced back once the restrictions were eased.
What can we expect this time?
This lockdown is different to the ones last year with government financial support meagre compared to last year.
Lockdowns are disrupting the pipeline of property sales and this will lead to a quieter settlement period beginning in a month or two.
The likelihood of a post-lockdown boom is far less likely this year because of the shock economic impact, its likely effect on consumer confidence, and uncertainty about the new health environment with which we are faced.
Conveyancing was flying up until July 2021 and then it wasn’t.
Post submitted by Peter Frankl