Australia's housing market will struggle to stay buoyant through another extended COVID-19 lockdown without ongoing government support, a new real estate report warns.
The CoreLogic report analyses how the market has performed through lockdowns and has found auction results across Sydney and Melbourne have remained resilient.
But as Sydney's lockdown is extended for another week, the report says market stability most likely is subject to government stimulus and institutional support.
It adds that backing "is far less certain going forward".
Head of Research for Australia, Eliza Owen, said housing demand and supply could not be guaranteed through another extended lockdown without the support.
She said while demand lessened during last year's lockdowns, supply also declined because sellers and agents were less inclined to market properties - and that helped to balance out the overall effect on prices.
Ms Owen added government and institutional measures were also a key factor.
"A big part of why the housing market didn't see further value declines was the enormous income support packages provided to households, the role of JobKeeper in maintaining employment relationships, low mortgage rates and mortgage repayment deferrals," Ms Owen said.
"In the event of another extended lockdown, the future of housing demand and supply becomes much less certain if that same government and institutional support is not there."
While transactions slow considerably during lockdown, the report added home purchases catch up once restrictions ease.
KEY FIGURES IN THE REPORT
* 2271 Australian capital city homes are scheduled to go to auction this week, up on last week's 2168
* The capital city final auction clearance rate was 72.1 per cent last week, down on the previous week's 75.4 per cent
* Sydney is scheduled to have 797 auctions this week, up on 756 last week and 566 a year ago. Of last week's scheduled auctions, 12 per cent were rescheduled and 22 per cent returned a withdrawn result, meaning 585 Sydney auctions proceeded last week
* Melbourne's corresponding figures are 1085 this week, up 12 on last week, but more than double the 506 of a year ago
* Brisbane has 170 auctions scheduled this week, followed by Adelaide (112), Canberra (85), Perth (16) and Tasmania (six).