What an unbelievable difference 2 weeks has made in Australia. Massive stimulus packages, layoffs and closures have been announced with a shut down of all non-essential business operations.
Property wise, there have also been a few impacts. Here’s the rundown
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The RBA held an emergency meeting last week, reducing the interest rate to 0.25%
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Subsequently, some banks announced rate cuts. ANZ, CBA, NAB, and Westpac introduced lower rates for certain home loan products.
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CBA are also considering cutting credit card rates
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Most real estate agencies appear to be open in light of the shutdown, with one-on-one inspections and social distancing occurring at auctions
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House prices seem to be doing ok for the time being.
The jury is still out on the impact on the market and what happens remains to be seen. However, here are some of the articles in circulation right now
We at Property Association are also taking precautions. Make sure you watch the video on the bottom to find out more. We are also happy to take one-on-one display appointments and can stream displays. See our information below (news continued under image).
In other Coronavirus impact news:
The buyers who are still purchasing property during a pandemic
Coronavirus fears to test Sydney’s property market as over 900 auctions to take place
Coronavirus has helped drive Australia’s interest to a record low, but could it ever go negative?
Meanwhile, if you’re interested in the Norwest area of Sydney, check out this article from Domain.
If you’re worried about your mortgage during this time, there is a good resource here.
Stay safe, everyone. Do not hesitate to reach out if you have any concerns.
