Australia property market21 May 2020 by News Desk
Australia property market: buyers and sellers are still active in the market despite current social distancing and auction regulations.
There may be economic uncertainty but those who are ready to purchase and those who need to sell are not letting Covid-19 change their plans.
Australia property market has been impacted by Government regulations introduced as a result of Coronavirus. In-person real estate auctions and public open homes have been banned, and this has had affected how buyers and sellers transact.
The real estate industry has adapted to these changes and introduced new processes including online property auctions and virtual / 3D property inspections.
There is strong underlying demand for dwellings to purchase – and continuing need or requirement for owners to sell – despite the current COVID-19 environment.
March 2020 – Average House Price: $566,476
March 2020 – Average Cost of a Unit (apartment) $522,182
Australia property market could see values fall by up to 30%, which could make the next two years a good time to buy.
Real estate agents continue to promote properties and facilitate transactions via the use of latest technology.
Homeowners who need to sell due to possibly defaulting, can now defer home loan repayments if they’ve been affected by the coronavirus.
The government is also providing financial assistance to support individuals, households and businesses through the crisis.
Are you thinking about property in Australia – for work, for migration or for investment purposes?
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