It’s the news we were not expecting to hear, but it seems the property market in Australia might be performing better than expected.
It’s a welcome surprise, given that the property market had just come out of a difficult time.
Property prices up 7.4% before COVID-19, so where to now?
From the article:
Despite forecasts warning that property prices could drop by as much as 30%, the market has proven to be remarkably resilient so far. According to data from CoreLogic released earlier this month, national property prices fell only 0.4% in May.
It seems that Melbourne and Sydney are faring the best, Melbourne more so.
Sydney, Melbourne house prices up more than 10pc in year before shutdowns
Property market proves ‘remarkably resilient’ as sellers return to market
The Aussie property market that’s pandemic-proof
Despite that, it seems that vacancies are very high right now:
Sydney rental vacancy rate at record high as national rate falls
It’s quite possible that this could be linked to lack of travel domestically and internationally.
Hopefully, the new HomeBuilder package will inject enough into the economy to see holidays return quickly when borders do re-open.
Aussies spent big on coronavirus-driven home renovation boon before $25k HomeBuilder grant
Despite border closures, it seems that overseas eyes are still on the Aussie property market
Overseas property investors are looking to Australia, but is now a good time to buy?
From the article:
Gold Coast real estate agent Sam Guo said foreign buyers were as eager as ever to invest in Australia.
“I have been speaking to a lot of my Chinese clients… they can’t wait for the borders to open,” he told SBS News.
Could a possible occurrence of sub-zero rates help bolster the market even more?
Are subzero interest rates forecast for Australia?
Finally, the mortgage broking sector is seeing some movement as well, with many looking to refinance to help them during the difficult times ahead:
Mortgage refinancing surges as interest rates dive, but can you get a home loan during coronavirus?
Have a great week everyone.
