The latest data from Domain has revealed that there is only a marginal increase in the number of distressed sales in capital cities around the nation—the largest increase was in Hobart at just 0.3%.

Adelaide and Sydney saw an increase of 0.2%, Melbourne and Darwin were unchanged while Brisbane and Canberra actually saw a decrease in distressed sales.

Domain defines a distressed sale as a listing with a reduced price, a mortgage in possession, or with a motivated vendor. These results look at listings from February to mid-May of this year.

Dr Nicola Powell, senior research analyst at Domain, said that most homeowners have been able to weather the storm of economic upheaval caused by the coronavirus panic.

Despite the many predictions in mainstream media of an impending property downturn, the data simply isn’t there to support those claims.

Yes, there are economic challenges. But these challenges are not causing distressed sales in the property market, and without distressed sales, it is unlikely for significant widespread price drops to occur.