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Property pain may come when band-aid is ripped off

Property sales in the first quarter of 2020 were rarely made at a loss to the seller, according to a newly released report suggesting COVID-19 had not wrought havoc on the market at that stage, but the worst might still be to come.

Apartment buildings lining a Sydney street
Apartments and units have a higher proportion of loss-making sales than detached houses. Photo: Shutterstock

Property sales in the first quarter of 2020 were rarely made at a loss to the seller, according to a newly released report suggesting COVID-19 had not wrought havoc on the market at that stage, but the worst might still be to come. 

New loan commitments for housing fell by 11.6 per cent month-on-month in May, according to seasonally adjusted figures from the Australian Bureau of Statistics (ABS).

The fall was largest on record and mainly driven…