If you’ve set your heart on selling your current property and moving to a new home, these are uncertain times. The temptation to pull out is understandable, but you should pause to weigh up the pros and cons before making that decision.
Firstly, the property market is still transacting and prices have held firmly in these first weeks of COVID-19 disruption. While the auction market volumes have reduced, there are still good clearance rates of homes that went under the hammer.
There’s a myriad of factors influencing property market currently, and these should influence your decision on whether to proceed with a sale in the weeks ahead.
Lower interest rates
Lowering of the interest rate to boost economic activity means that buying and selling property is now more affordable than before the virus struck our communities. Interest rates have always influenced buyer sentiment in Australia, and they continue to do so.
Opportunity to make a value-based purchase
No matter what the circumstance, the property market is always going to transact. There are always going to be value-based purchases and unique properties that will not stay on the market forever, waiting for you.
Time-wasters are gone, only genuine buyers out there
The volume of transaction across the country is evidence of this. We are seeing buyers in the market, and they are genuine in their intent. The tyre-kickers are gone, and that works well for you. You were only ever going to sell to a genuine buyer, anyway.
Auction successes suggest your next dream home won’t be on market forever
We’ve seen the Aussie dollar drop against some important currencies, especially the dollars of the US, Singapore and Hong Kong – traditional buyer centres for Australian property. Buyer agents are scouring our market for great deals created by exchange rates. Americans, for example, have a built-in discount of almost 40 per cent compared with a few years ago. Overseas interest is keeping everyone keen and with China coming out of the virus ahead of everyone else, we expect to see increased interest from there appearing soon.
Money moves to property in bear markets
Investors move back to property in a “bear market”. Property in Australia traditionally doubles in value every seven to ten years, and that makes it a more dependable investment. We’re already seeing investors re-entering the market, and they’re keeping the wheels turning, too.
Everyone’s adapting to this new world
Video inspections and online auctions are not phasing genuine buyers. In fact, they are proving remarkably popular because of the suspension of open houses and old school auctions. We’d be happy to discuss your options with using this technology.
