HOW IS COVID-19 IMPACTING OUR LOCAL MARKET?

COVID-19 arrived in Australia in late January and the situation is ever evolving, with both the short and long-term impacts on the property market still uncertain.

At this stage, we have seen a very limited impact on the property market to-date:

-          Auction Clearance Rates remained high last weekend (over 55%)

-          Buyer inspections and online enquiry are still present (4 – 6 groups on average)

-          Realestate.com.au are reporting spikes in online search activity (compared to this time last year)

Whilst the share market is showing high signs of vulnerability, the property market on the other hand has so far, been business as usual.

The approaching short-term impacts over the next two weeks will depend on what stimulus the government puts into the economy, not to mention how the banks respond to the most likely rise in unemployment, especially for those struggling to pay mortgage repayments.

In response to the uncertainty, we are currently exploring practical implementations to assist our customers:

-          Onsite Auctions —> Online auctions

-          Open Homes —> Private viewings or virtual property tours

-          In-person Appraisals —> Virtual appraisals

-          Face to face meetings —> Video conference meetings

But for now, people are still attending physical inspections with social distancing and good hygiene measures in place.

If you’re a buyer, it is important to consider the favorable buying conditions, as it has never been cheaper to access finance.

If you’re looking to sell in the short-term, rest assured that there are still plenty of buyers out there, buoyed by low interest rates and easier access to finance.

The situation is ever evolving rapidly, and we will continue to keep our clients up-to-date on the activity in the property market over coming weeks.