Australia's property market 'far stronger than expected' considering the pandemic

Australia's property market 'far stronger than expected' considering the pandemic

REA Group Chief Economist Nerida Conisbee says Australia's property market has been "far stronger than expected," this year considering the COVID-19 pandemic.

"When the first lockdown hit in March, I certainly don't think anyone though that there would be pretty much no price decline in most of Australia," Ms Conisbee told Sky News.

'So ... going into the pandemic, and where we ended up at the end of the year, it certainly has been surprising."

Ms Conisbee said first home buyers were the most active group during 2020.

“A lot of it had to do with the five per cent deposit scheme that was introduced in January,” she said.

“Prior to the pandemic we certainly did see lots and lots of activity from that group, but the pandemic really didn’t slow them down.

“A lot of it had to do with lots of government incentive.

“We saw a lot of state government incentives extended throughout the pandemic; we also saw the introduction of schemes such as HomeBuilder”. 

Source : https://www.skynews.com.au/details/_6219045610001

 

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