In what may be a surprising turn considering the current state of the economy as a reaction to the global pandemic, national housing values grew 0.3 per cent in April.
Australian housing values managed to remain stable in the face of a drop in market activity, and weak consumer sentiment due to the ongoing restrictions to combat COVID-19.
As restrictions slowly begin to ease, the ripples throughout the market will become more apparent, but many experts are predicting a positive bounce back in Australia’s real estate market thanks to strong positioning and conditions pre-virus, low-interest rates and positive cash flow for interested buyers.
The government bans on open homes and on-site public auctions have led to a pivot in the way the real estate industry operates. Private inspections and home auctions via online portals have meant a slight dip in auction volumes making now the best time to grab a bargain due to a lower competitive market and more flexibility on price.
Despite the economic downturn, we have seen 0.3 per cent growth in the face of these lower numbers, a testament to the robust position of the real estate market in 2020, things can only improve from here as we see restrictions begin to lift.
Sydney and Melbourne have a higher risk profile due to exposure to overseas migration coupled with the downturn in international students but have still experienced positive growth despite this.
Darwin saw the most substantial growth with a 1.7 per cent jump while Perth and Adelaide outperformed their six-month average with growth of 0.2 per cent and 0.4 per cent, respectively despite weaker conditions. This proves that in states where restrictions are lifting quicker, the real estate market is set for rapid recovery. We expect to see this trend continue all over the country making this an ideal time to invest in that new property thanks to low rates, prices and competition.Click here to Read More
By Securalife | Tuesday, 26th May 2020
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