PHOTO: How have global property markets fared after COVOD-19 lockdowns? Photo: iStock
The tougher the lockdown, the quicker the bounce back for the property market, an analysis of listings in cities around the world has shown.
New property listings in Australia, New Zealand, the UK and the US all fell significantly during respective lockdowns, but the rebound has varied depending on the severity of the restrictions, the analysis by Domain showed.
In New Zealand and the UK, where lockdowns were strict and all but shut down the housing market, the rebound in listings and sale volumes was “unseasonable”, Domain senior research analyst Nicola Powell said.
“You’ve got this snowball effect where the longer the lockdown, the more people are waiting to transact, so the rebound is stronger,” Dr Powell said.
Melbourne, too, has seen a rapid rebound in listings since stage 4 restrictions for real estate, which banned in-person inspections, started easing in early October.
Domain data showed weekly listings dropped by as much 70 per cent during the most recent lockdown – compared with the 40 to 50 per cent drop seen by most Australian capitals during the stage 3 restrictions earlier in the year.
By October 4, they had bounced back by a whopping 241 per cent from the previous week.
“This recovery is stronger than any Australian city post-lockdown in May,” Dr Powell said.
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