These are unprecedented times for us all, not only in terms of our health, but also for the economy. Many people are panicked and there’s no denying the stock market has taken a huge hit. But what about the property market? The consequences are not nearly as immediate or obvious.
What is interesting is that in the past week or two is there has been a flurry of people buying property in a similar way that they have been panic buying toilet paper.
Buyers are snapping up property before auction, worried they will miss out when/if the country goes into lock down. Vendors are also much more willing to negotiate, worried that prices will fall or that no-one will buy at all in the next few months.
So, there are actually some great deals to be had. According to Nigel Stapledon, research fellow in real estate at the Centre for Applied Economic Research at the University of New South Wales, “In this environment, buyers who are in very secure jobs are actually in an improved position because the overall market is weaker.”
All we can do is try to keep a level head and see what happens as it unfolds and make considered decisions. No-one has a crystal ball, but what we do know is that property is a long term investment.
Let us act as your Buyers Agent and do the all the property search and inspection work for you. We can find all the great deals in the marketplace especially during times of uncertainty. Contact us today to arrange a call or facetime.