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Keeping You Informed Amid & Post COVID-19
As the Coronavirus impact continues to spread across the entire globe causing a major health crisis and one of the largest economic contractions ever experienced—we have seen global financial markets swiftly repricing securities such as stocks and bonds. Real estate markets usually take a little longer to reflect what is happening economically for various reasons. In comparison to stocks and bonds, houses are generally more difficult and take longer to buy and sell, there is a greater variety in property types, styles, locations, (variables) and people usually value their home more than just investments.
The Australian government acted swiftly, implementing measures to protect jobs and incomes as the entire country entered some tough lock down measures to slow the spread of the virus and ultimately flatten the curve.
As the lock down rules ease across the country; many general lifestyle, activity and real estate restrictions have started to be lifted, with people embracing a new type of normality that includes social distancing and strict limitations of numbers of people at gatherings and places such as inside shops, work places, restaurants, etc.
Current Real Estate Market Uncertainty
In this time of high uncertainty, it’s more important than ever to understand what is occurring throughout the current real estate market, especially since it is the largest source of wealth for many Australian households.
What are current real estate predictions for Australia? What about house price predictions? Will prices drop radically throughout the entire country? Is the impact likely to be the same everywhere, or will larger cities be more severely impacted?
And what about regional areas like Hervey Bay? If smaller regional cities and towns are deemed as safer lifestyle options, we may see a substantial rise in demand for properties in these areas.
House and/or property prices are often easier to predict than other asset types. By measuring how far and how quickly stock market prices have fallen to date, it is possible to gain valuable insight regarding house prices in the coming months.
CoreLogic head of research Tim Lawless states “Although Australia’s housing markets have begun to enter a period of disruption, they are coming from strong foundations.”
Where to Now for Australian Real Estate?
The Property Brokerage content team have been busy researching and creating helpful information posts about the effects of the Novel Coronavirus outbreak on the current real estate market in general; but with a strong focus on our local Hervey Bay real estate scene. Find posts about latest house price predictions, open homes, statistics and more.
You’ll find all our posts about COVID-19 related information below. We trust that you will enjoy the content, and feel free to email us if you have any questions or leave a comment on the individual blog post(s).
The Hervey Bay property market has not yet seen dramatic impacts due to COVID-19. There are three main factors which need to be considered when discussing the resulting possibility of a real estate downturn.
With new real estate restrictions in place due to the COVID-19 pandemic; Virtual Home Tours (hands-free home buying) is set to become the new norm— but here at Property Brokerage it’s simply business as usual as we’ve always been hands-free!