Welcome to The Buzz August Issue 2020
Spring, this is the season when life begins anew. Traditionally this is the most active period in the real estate calendar. Also, it’s usually the best time to grow the value of your property. But with the COVID-19 pandemic will it be business as usual in 2020?
Undoubtedly you could be excused for having concern about our property markets. Especially if you only read the headlines. “Markets in freefall”. “Economic cliff”. These and other colourful phrases are being thrown around with abandon.
And yes, prices have fallen for two months now in all capital city markets except Canberra and Adelaide. However, there is cause for some optimism amidst the doom and gloom.
Without a doubt, chief economist for realestate.com.au Nerida Conisbee certainly thinks so. For example, she cites several positive trends:
- Property buyers are still active.
- The number of distress property for sale remains very low.
- First-home buyers remain active, but investors have backed off.
- House prices are not collapsing.
But what about our neighbourhood
Similarly, this corresponds to what is happening on the Sunshine Coast. In our case, many suburbs have very high levels of buyer searches. Also, I cannot find a mortgagee in possession advertised for sale. Whereas, developers report that land sales have boomed. Mostly in estates where First Homebuyers can take advantage of the various support schemes. As a result, prices haven’t crashed. Indeed, they appear steady in many locations and property types. In contrast, in some cases, prices have risen.
Conversely, there are negatives. For instance, the number of transactions remains very low. And, the days on the market are high. Also, there are not many properties for sale.
Balancing risks and rewards
So, what will happen this spring? Firstly, will sellers flood the market? Secondly, will those buyers searching for value buys decide to transact? Importantly, what will happen to property prices?
Should you sell now, or hold? Should you buy now, or wait?
These are critical questions.
Because, whichever way you choose, significant risks and rewards are on the line.
In summary, it’s important to remember that:
- all markets are not equal
- market conditions change daily
- you can reduce risks and maximise potential rewards
Read the included articles and reports. Get informed. Discover what may impact the market for the property you own or want to buy.
Even better, call me for an obligation-free update. Specific to you and your needs and concerns.
Real estate and finance news
Click through for a wide range of valuable reading on:
- Economic projections
- Property market forecasts and analyses
- Finance news
- The ongoing impact of COVID-19
Find out what’s been happening in our region. For example:
- Twin Waters West application rejected
- The Sekisui appeal goes to the Supreme Court
- Where local mortgages are at risk
Tips & Advice
Some great tips here:
- How to get your finances ready during COVID-19
Finally, the most recent data from the market where you live or have an investment:
- An On The Market Report for your suburb/s of interest
For all this and more, see icons below. Just follow the links for your copy of the reports and full articles.
Are you considering real estate? Please call us to have a chat and discover how we can help!