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June 30 REA Insights Weekly Buyer Demand Report, 2021

Buyer demand on dipped slightly last week, with multiple states and territories heading into lockdown.

The REA Insights Buyer Demand Index declined 1% last week. Demand is now 8.6% lower than its peak in February this year, though remains well above levels seen at the same time 12 months ago.

Victoria and Tasmania were the only states in which buyer demand did not fall last week, Victoria holding steady and Tasmania increasing by 0.8%.

In contrast, the other states all saw demand fall, with the implementation of snap lockdowns around the country likely contributing.

Compared to 12 months ago, units have seen the strongest growth in buyer demand, sitting 11.5% above last year’s levels compared to -0.1% for houses.

Rapidly increasing property prices have likely contributed to the increased demand for units, as houses become less affordable.

Buyer demand is expected to remain impacted by lockdowns over the coming week, with increased restrictions in New South Wales, Western Australia, Queensland and the Northern Territory affecting physical inspections.

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