Coronavirus and the surprise outlook for property prices
Coronavirus and the surprise outlook for property prices.
The shockwaves from the coronavirus crisis are being felt in every corner of the Australian economy, but the property market has so far escaped unscathed.
Now, despite what has been thrown around in the media, as a property expert I believe it will continue to do so, defying broader predictions of a crash.
There had been fears that prices would collapse under the pressure of strict social distancing measures, dire predictions for unemployment and GDP growth, and rock-bottom consumer confidence.
But the latest data released for April found no material decline across the capital cities, with a modest gain recorded in Sydney, the country’s largest market.
My hot tip right now?
I believe that for buyers who purchase in the next few months can benefit from market prices about three to seven per cent lower than they were just a month ago, depending on the location.
Pockets around Ormeau have remained robust during the coronavirus crisis, and i believe that the easing of COVID-19 restrictions, coupled with optimism about low new cases, is already offering a glimmer of light at the end of this tunnel.
I like to point out that we have been saying throughout the coronavirus crisis that property has a history of resilience given it is a stable asset and these numbers support that point of view.
The pandemic has certainly caused most people to reconsider their financial positions and outgoings, with more affordable locations and properties likely to be the beneficiary in the months ahead.
I am available for a private consultation regarding your property matters.
Monty Van Dyk
0478 127 448
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About Monty Van Dyk
Monty Van Dyk is founder and CEO of Lead Funnels Australia and Easy Agent, headquartered on the Gold Coast, Queensland with teams in Brisbane, Sydney and Melbourne. Under Monty’s guidance and leadership, the team has sold thousands of homes in the past 18 years, performing exceptionally regardless of changing market conditions.
Before moving into real estate in 2002, Monty was a mechanical engineer for ten years. He credits the success of Easy Agent to the culture of learning and growth. His commitment to learning has placed him in the top agent mastermind and within the top 10 percent of real estate principals in Australia.
When he is not coaching or speaking, Monty is enjoying time with his family or training for his next IRONMAN; he has completed six so far in his sporting career. He is originally from Cairns, Queensland.