MILDURA’S property market has experienced a drop in the number of homes sold as buyers and sellers take time to assess what the coronavirus impact will be.
Valuation firm Herron Todd White, in its monthly property report, said the fallout from COVID-19 had a detrimental effect on Mildura’s economy, including a rise in unemployment resulting from the shutdown of businesses.
The report said the impact so far had been largely limited to volumes.
“The effects on our housing market are mostly limited at this stage to reduced sales volumes, as vendors and purchasers take time to weigh up the implications,” the report said.
“This has been most evident at the middle and upper end of the market.”
While agents had welcomed a return to open inspections, the report found it was too early to know what the lasting impacts might be.
The report said local builders remained busy completing work that began before the virus, and construction at new subdivisions was still happening, but new builds could be affected over the next 12 months as some people reconsider taking on debt.
However, there was evidence of an uptick in home DIY maintenance, particularly among people who found themselves with more free time in recent months.
“The Bunnings carpark test suggests that home improvement sales have been strong,” the report said.
Herron Todd White downgraded Mildura one rung on its national property “clock”, from “rising market” to “start of “recovery”.
