Welcome to our July Property Newsletter.
With the number of COVID-19 cases on the rise again, many are asking me how this will affect property prices.
Everyone has an opinion about what the economy, sharemarket and the property market will do over the next 6-12months, however this is what we do know
• Job keeper/seeker has been extended with changes after September
• Less properties coming to market due to 2nd wave virus coming– not wanting strangers through their homes
• The Official Interest rates will not be increasing for a few years
• Freestanding houses are more popular than apartments. We are seeing a lot of buyers at the few properties on the market, however buyers are being cautious
• We are seeing an increase in first homebuyers entering the market
• Australia is doing better than most of the world We have not seen a significant drop in house prices across the Sydney Market and Freestanding homes are in strong demand.
There is no doubt some strong headwinds ahead over the coming months and some sectors have been negatively affected, however there are some parts of the economy that is unaffected and others prospering and growing, so many of these people are using this time of uncertainty to buy investments or upgrade their home.
See you next month, but please call me in the meantime should you have any property related questions.