With the Coronavirus pandemic forcing National sporting competitions into indefinite suspension, the betting industry has taken to various novelty markets in efforts to sustain punter engagement. One such market now in play includes the Australian Residential Property Price throughout the countries 8 capital cities.
Betfair, a global betting exchange, is now letting punters bet on the change to the average residential property price over the next financial quarter.
Consumers can wager on quarterly positive and negative fluctuations in Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart, Darwin and Canberra. Odds currently favour a decrease in the average property value by more than 2.0% in both the Brisbane and National market. These results will be confirmed by data provided by the Australian Bureau of Statistics on 1 July 2020.
Although the market opinion tends to favour an immediate decrease to property value, the head of research at CoreLogic, Tim Lawless has suggested the extent of the pandemic’s influence is difficult to ascertain. Mr Lawless has said, “the longer it takes to contain the virus and bring economic operations back to normal, the higher the downside risk to housing values”.
Rates of infection are lowering throughout Australia, while government restrictions continue to influence consumer confidence in the property market, meaning that all bets remain on the table.