Welcome to the latest property news roundup from Property Association.
First of all, we’d like to start by notifying you that we are still here and able to help you with all of your property needs during these crazy times. We’re very grateful that the government has re-opened auctions and inspections, and please be assured that we are taking the utmost safety measures whilst taking you through our display properties.
Not surprisingly, most of this week’s news is related to the ongoing pandemic. First up, many homeowners have taken advantage of banks’ assistance during this difficult time to place mortgages on hold.
Banks defer 100,000 loans in last week alone
Despite this, it seems that there is still a good deal of interest in the property market and the buyers have not been running scared.
In NSW, as activity resumed, eager buyers were out grabbing their dream homes, whilst things appeared to be somewhat healthy.
It’s safe to assume that despite the situation, many people will be viewing this time as the perfect opportunity to enter the market. This is certainly the feeling in WA right now:
Why COVID-19 could be a rare opportunity for first time home buyers to enter the WA property market
In terms of apartments, the market appears to be bubbling along, despite some mixed opinions.
Developers report renewed ‘momentum’ in new home market, as some offer incentives to quell nerves
How this will pan out in the next few weeks is anyone’s guess. One thing is for sure. The Covid-19 pandemic is definitely changing consumer behaviour and the shape of the market. How?
Well, firstly, there’s news out of Brisbane suggests many homeowners are looking to re-build their dream homes in the face of this crisis, rather than moving to a new property:
COVID-19 crisis sees more buyers looking at building dream homes
Meanwhile, on the ABC, some are reporting that sea-changes and tree-changes are the order of the day, with many people seeking simpler and less frantic lifestyles of regional areas. Don’t let go of your regional investment property just yet!
Post-COVID-19 wave of regional migration predicted as people seek simpler life, get back to basic
If you are saving for a deposit, here is a handy guide on where to put your money during this low interest-rate time.
The best places to put your savings in the ultra-low interest rate environment
With the economic news less than welcoming, we’re not sure how the next few weeks will look for property – however, if you have any questions, please do not hesitate to get in touch.
If you’d like to hear the post-Covid 19 property predictions of an expert, click here to hear from our director Andrew.
Have a great week.
