Hot property market is yet to sneeze

Property analysts say market confidence ­remains strong despite growing economic concerns following the COVID-19 outbreak.

A Tom Offermann Real Estate agent auctions off a three-bedroom beachside penthouse on Little Cove road, Noosa Heads. Picture: News Regional Media

Public holidays in four states on Monday resulted in lower auction volumes across the country at the weekend, but analysts say market confidence ­remains strong despite growing economic concerns following the COVID-19 outbreak.

Auction volumes fell significantly in Melbourne as the state celebrates Labour Day on Monday, with the Victorian capital recording a 68.6 per cent success rate from the 404 auctions held. The previous week there had been 1612 auctions, of which 74.8 per cent sold.

Sydney, which does not have a public holiday on Monday, performed strongly — ­returning a preliminary clearance rate of 82.6 per cent from 811 auctions. The previous week Sydney held a higher number of auctions (1087) and returned a lower clearance rate of 76.6 per cent.

CoreLogic’s national auction commentator Kevin Brogan said while some people are slightly modifying their behaviour due to the coronavirus outbreak, it was not yet seeping into the auction market.

“The strong clearance rates are clearly telling us that people are still actively participating in the market,” he said.

EMILY RITCHIE