Housing values across Australia rose during March but weakened in the second half as social distancing restrictions stopped open homes and auctions.
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The national home value index was up 0.7 per cent over March, data from Corelogic shows. This is the lowest monthly gain since July last year.
In the three months to March, Canberra's dwelling value increased by 1.7 per cent to a median of $626,932.
Houses drove Canberra's growth, up 1.9 per cent to a median value of $702,173. Units grew by 0.7 per cent over the quarter to a median value of $443,468.
Auctions and open homes were banned in Australia from last Wednesday under restrictions announced by the national cabinet.
While a drop in sentiment was expected, Corelogic head of research Tim Lawless said the full impact on dwelling values from the coronavirus could not yet be fully determined.
"The housing market won't be immune to a drop in sentiment and weaker economy, however the extent of the impact on dwelling values remains highly uncertain," he said.
"Capital growth trends will be contingent on how long it takes to contain to virus, and whether additional constraints on business or personal activity are introduced."
But Mr Lawless said the number of residential property sales would drop significantly.
"We are expecting the number of residential property sales to fall dramatically over the coming months - a consequence of tanking consumer confidence, a rising jobless rate and more cautious lending practices," he said.
"Restrictions on open homes and onsite auctions will compound the slowdown in buyer activity, as would any future policy announcements related to peripheral services such as building and pest inspections, conveyancing and furniture removals."
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It came as 40 per cent of auctions were pulled from the market over the weekend, Corelogic said.
Last week's national clearance rate of 51.4 per cent is the lowest recorded since June last year.
But Canberra performed better, with a clearance rate of 64.7 per cent.
Domain figures, which only measure Saturday auctions, put the clearance rate in Canberra at 47 per cent. Sydney and Melbourne were lower at 37 per cent and 35 per cent, respectively.
The Saturday before the Easter long weekend is normally the busiest for auctions in Australia but this looks unlikely due to high withdrawal rate.
Open homes and auctions are still taking place in Canberra by virtual means.
"Many of our members have now switched to virtual tours, live streaming and other online tools to assist both buyers and perspective tenants search for property," Real Estate Institute of the ACT chief executive Michelle Tynan said.
Private appointments are also allowed under the new measures.
Ms Tynan said REIACT would work with Access Canberra to ensure the new methods were followed.
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