Cameron Kusher at the REA Group published an interesting updated article this week, looking at real estate searching activity.
He noted that property buyers are becoming increasingly active as restrictions ease.
As an example, search activity has been steadily rising since April and can you believe, is now actually higher than a year ago!
Obviously there are a lot more people at home who have time to search for property information, but nonetheless, a good sign.
The largest increases were in Western Australia and the ACT.
Consumer confidence returns
Interestingly, consumer confidence is continuing to rise!
The Westpac-Melbourne Institute consumer sentiment index showed sentiment among buyers rebounded in May, jumping by 31.8 per cent and reversing most of April’s 26.6 per cent drop.
The rebound was across all states, led by Western Australia which is up by 68 per cent.
Consumer expectations for house prices rose only slightly at 4.6 per cent, but it was a dramatic turn around from the very large drop of 50 per cent in April.
Westpac’s chief economist Bill Evans said “It is extremely noteworthy that in the midst of this exuberant rebound in confidence, prospects for house prices have hardly budged”
Great positives to work with and through!
Have a great weekend, stay safe, and if you have any queries in regards to the effect of the Coronavirus on our property markets, please contact enquiries@propertyclub.com.au.
Property Club is at the forefront of the best properties in the best areas – make contact with your Property Mentor or hit enquiries@propertyclub.com.au for further information on the great options available for Club members!
Troy Gunasekera
National Manager