Business is booming.

Australia’s property market is ‘slowly sinking’

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Lifting auction bans might not be enough to help the property market which has been spiralling during the COVID-19 pandemic through a combination of spooked sellers and patient buyers hoping to get the best price.

Robert Klaric, the founder and CEO of The Property Expert International, told Sky News Australia is “likely to see a 10 or 20 per cent reduction in terms of property values.”

“Virtually, across the board, we’re seeing around a 10 per cent correction to our market already in the last six-week period,” he said.

“From a buyer’s perspective, they’re thinking well why should I buy now when, potentially, I’ll be able to get the same product a lot cheaper in the next three, six to 12 months.”

SQM Research founder Louis Christopher said “we are very much aware of the real estate industry advising their vendors that the prices achieved in February and January are no longer achievable now.”

Image: Getty

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