While we are facing some uncertain times due to coronavirus many people are wondering what this means for the property market and future investments. The Australian Property Market is linked closely with the Australian Economy and we are experiencing some real changes in the country due to the measures being put in place by the government to ensure the health of us all. What will this mean for property?
Real estate as we have come to know it – auctions, open homes and sausage sizzles are no longer an option, but that won’t stop the industry from marketing and showing property. We are already utilising technology to give virtual tours and holding private inspections.
We will probably not see big price reductions in the property market, but we could see a slow down while people wait and see what the outcome will be to everything that’s happening.
We will also see the industry heavily supported to keep the economy stimulated. This presents itself as a great opportunity to look at the options available to you. Can you help the economy and embrace some of the benefits yourself?
The Property Market has and always will remain a long-term investment. Its key drivers being Demographics, Supply and Demand, Affordability and Finances Available.
We currently have a shortfall of housing, so in light of this, banks have been given 90 Billion Dollars to lend for those looking to buy as well as low interest rates, to keep the economy stimulated. The construction industry will continue ahead with full support to make sure that we don’t fall behind any further.
Discussions are being had about construction being allowed 24/7, because the industry is vitally important to Qld – for the 2017-2018 financial year, the construction industry was the State’s 3rd largest employer, employing some 236,100 workers and contributing $29Billion to its economy.
The market may slow down however after each global disruption there has always been an increase in property prices and there is no reason to suggest that this will be different. Founder of Facebook Mark Zuckerberg said ‘the biggest risk is not taking any risk, in a world that’s constantly changing really quickly, the only strategy that is guaranteed to fail is not taking risks.
Currently for property, the market and climate provide great opportunities – banks with money to lend, lower interest rates and growth in the years to come.
Make an appointment to talk with us – your decision to invest in property provides stimulation to the economy and jobs in lots of industries – builders, concreters, roofers, tilers, carpenters, plumbers, electricians, plasters, carpet layers, bricklayers, cabinet makers to name just a few.