Housing market strong despite virus fears

The nation's housing market looks resilient in the face of initial coronavirus concerns, property data analysts say.

CoreLogic data on Sunday shows auction markets remain strong, with a 70 per cent preliminary clearance rate from 2,220 homes across the country's capital cities.

"With uncertainty rising and confidence slipping as the coronavirus outbreak becomes more widespread, there is some downside risk that housing activity will reduce which could weigh on auction markets over coming weeks. However, based on the early auction results this week, the housing market has proven to be relatively resilient so far," the CoreLogic weekend market summary read.

Sydney topped the week's auction clearance rates with 74.6 per cent from 749 actions held.

In comparison to last year's figures, 638 auctions were held with a clearance rate of 54.2 per cent.

Melbourne also experienced high rates, with preliminary rates stating 70 per cent of 1,173 total auctions were cleared this week, compared with 52 per cent of 920 auctions cleared this time last year.

In Sydney, the median house price was $1,350,000 this week, while units averaged $857,500.

The most successful auction clearances took place in the Northern Beaches (84%), Blacktown (83.3%)in the state's west and Ryde (81.8%) in Sydney's north-west.

"Although clearance rates have edged lower, the final clearance rate across the major auction centres is likely to remain around the high 60 per cent to low 70 per cent range, implying this is still a seller's market." the summary said.

 


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