Property Demand Still Strong

Australia's response to the COVID-19 outbreak was able to secure and maintain local demand for property, according to the latest analysis by McGrath Estate Agents. John McGrath, founder of McGrath Estate Agents, said Australia was able to manage the outbreak "exceptionally well," allowing it to ease restrictions sooner than expected.

"Australia now has a roadmap out of COVID-19, with social restrictions eased last week in stage one of a three-stage process and the re-commencement of opens and on-site auctions across the country," he said in a think piece in The Real Estate Conversation. McGrath said the latest auction data show an "immediate and impressive bounce-back" in local buyer demand.

Recent figures from CoreLogic show that despite the muted auction activity, successful sales rates have gone back to above 50% levels. Over the weekend,400 homes were scheduled for auction, returning a preliminary clearance rate of 64%.

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