Renters bailing out, landlords offering free rent, sales values dropping – Covid-19 has had dire effects on the housing market, but it looks as though it could be about to turn around. Photograph: James Ross/AAP
The coronavirus crisis is having a devastating impact on the Australian property market, with sales down by hundreds of millions of dollars and tenants handing back the keys because they can no longer afford their rent.
Sales values have dropped 85% in Melbourne in the past eight weeks, according to figures released on Tuesday, equating to a loss of $584m compared with the same period last year. In Sydney, sales were down 79% (a loss of $454m),….