The media have been busy lately!
I’m sure you’ve seen the incessant news about how the COVID pandemic has drastically affected several markets and industries across Australia and the world.
So, you’re probably asking yourself: “how has COVID affected the Australian property market?” and “Is it the right time to invest in property during COVID?”
Well, I thought I’d shed some light based on my experience, working every day in real estate as a Buyer’s Agent.
Take it from someone who lives and breathes property – it has been an interesting place over the last few months, with ups, downs and events that have never been seen before.
While this may sound like a red flag to you, it’s actually a bright green go signal if you make smart choices.
Let me explain.
5 Property Trends During COVID-19
Real estate never really goes out of style, but it definitely experiences trends!
Here are the most prominent ones I have seen during the pandemic that all property investors and homebuyers should know about:
1. People are actively looking for their dream homes
People are opting to invest in their dream properties as they will be spending a lot of time at home, now more than ever. Now that work has transitioned more to home-based operations, people are looking to find homes that have ample space for an office and sometimes even a gym.
2. There are some excellent prices to be found
All property suburbs and states are performing differently across Australia. Some are still seeing very high prices and others are presenting great investment opportunities. If you’re keeping an eye out, you could snap up a great home for a bargain.
3. Virtual property shopping
Homebuyers and property investors are far more comfortable about making decisions based on digital content alone. The need for physical inspections is falling with the assistance of virtual tours and Buyers Agents due to the convenience and safety concerns. Investors can easily get an in-depth view of the space through photos, videos and live video calls.
4. Well-located properties
It’s still about location, location, location! The demand for real estate in conveniently situated areas continues to be high. In fact, I have seen some properties being sold at a premium due to the local access to transport and shops.
However, being close to the office is becoming a less important decision factor, with people starting to choose where they want to live, rather than simply being close to where they work.
For more, read: Is it time to move to the Sunshine Coast?
5. Land is limited
Property is driven by supply and demand – and they are not making any more of it! While the population in Australia keeps growing, there is still only a limited amount of land. This means purchasing property with land is a smart decision.
Investing in property during COVID
All of these trends suggest that investing in property now is a great opportunity.
It’s a great time to secure a home at a great price. However, not every property is going to be the right investment for you. It’s important to make smart property investment decisions based on your circumstances and the options available to you.
While the media are saying that Australian real estate is taking a hit, the honest truth is that I’m not seeing a major indication that it’s as turbulent as they’re suggesting.
Sure, there may be dips here and there, however Australians are heavily invested in the property market; as is the Government. This is providing extra resilience during the COVID period and the resulting economic recession.
How will property investment benefit you?
Securing a property that ticks all the boxes offers you the following benefits:
Property investment is less volatile than stock shares, even during this time.
- Added income
Buying a property and renting it out is a great second source of income.
- Tangible asset
Property is a physical asset that adds to the wealth of your investment portfolio.
- Sole management
Owning your own property means you are in control over it and can use this to leverage the most advantages, such as renting it out, expanding, subdividing or developing.
Investing in property is a big step, I understand – especially during such uncertain times, where making such big decisions can seem quite daunting.
But given that there are some great opportunities out there right now, and a promising future for the market, that step today can be a big leap forward tomorrow.
That is, if you make the right property choice.
How can Worth Property Investing help you make the best property investment choice?
Worth Property Investing is your property buying partner, ensuring you only make the best investment choices, while saving you a lot of time.
As your trusted Buyer’s Agent, I provide you with a tailored service catered around your personal investment goals.
With my passion, experience and expertise in assisting people along their property investment journeys, I work with you to find the right home for you.
Let’s get in touch for an initial chat. Contact Simon Read at Worth Property Investing today!
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