It goes without saying, we are currently living in a time full of unknowns – which of course anyone reading this will already know.
I would love to provide clarity with respect to the property market but let’s be honest – all I can do is provide my own personal observations in relation to what is happening in the market place…. So here goes.
Money is the cheapest it has been in my lifetime. This has essentially meant that for many who can afford it – they are taking advantage of an upgrade in their living accommodation and seeking the home that at one time was out of reach.
Our renters are becoming buyers taking advantage of the current Government incentives and they are dipping their toes into the water as first home buyers which has sustained our market pricing rather than the anticipated dip that economists initially predicted. Of course, the flip side of this, is that ultimately with fewer renters in the market we may see a decline in people seeking rental accommodation which of course will have an impact on rental pricing. For the investors out there – lean on the side of caution and make sure you are set up financially in the event you need to consider pricing adjustments in relation to your rental income.
An increase in the acceptability of remote workplaces has meant many are choosing to divest of their city abode and are seeking their dreams of coastal and country living. No longer are they required to traipse to work via bus, ferry, or car with the prerequisite purchase of coffee in the morning from their favourite coffee house. Many are flicking on their own espresso machines and commencing work from their study, living room or back deck. For many life has changed incredibly – the question is – will they favour this in the longer term or will city life beckon again?
Families have come together and for many that means they are undertaking their long awaited renovation or home facelift. The home for many, has become a castle more than ever because the reality is – they are spending more time than ever, at home. Perversely, and quite sadly the opposite is also prevalent with many deciding post COVID that it is time to part ways and the family home has now become a part of their past, as they venture into their new lives.
I can only surmise how the latter half of this year will progress – my feeling is however, that once that vaccine is found and not only our country but the world as a whole emerges from their respective lounge room’s – our market will fly.
To all my clients stay safe and healthy – but most importantly keep connected and happy.