Add to this the snapping shut of international arrivals, it would be safe to assume that even our most resilient of markets, property, would be showing signs of pressure under these circumstances.
For those states enduring lockdowns, this was particularly true, as inspections and auction opportunities become limited and sale volumes slowed.
The story quickly changed however as the lockdowns eased, with an explosive mix of pent-up demand, record low interest rates and the hunger for space and lifestyle seeing both cyclical regions and urban detached housing catapult prices with vigour.
- Strongest growth in property prices since 1988
- Mortgage market booming
- Auction market booming
- Lack of supply
- How long can the boom run?
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Tim Fuller is Head of Advice at Nucleus Wealth.