A buyer’s market post COVID-19

The restrictions introduced by our state and federal governments were necessary and helped to stop the spread of the virus, luckily, the property market continued to operate. The important safety and health of all persons involved the a lot of changes had to be made to operations, but it was a necessary reaction.

These restrictions certainly placed a strain the buying and selling of property. But with changes seeming to be on the horizon, what can we expect in these times on uncertainty?

With the country slowly opening up again our industry has stayed alive during the extreme times we’ve had. With less owners selling, meaning less properties available, competition has meant that buying a property has been a lot more difficult than usual.

Listings could potentially be on the rise as COVID-19 restrictions ease meaning a good number of properties may start becoming available. Remember, just because there is a property seemingly selling for cheap, doesn’t make it an automatic good purchase. In times like this, extra research and caution can be a helpful approach when looking to buy.

As always, due diligence is the key to making an informed purchase.

In times like this, extra research and caution can be a beneficial approach when looking to buy an investment property.

Since a lot of people have seemingly been some of the hardest hit by shutdowns, with many employed in industries such as hospitality, retail and entertainment, the market suddenly became quite hostile for these potential buyers making it almost impossible for them to get into real estate.

When you have bought property, whether as a home to live in or as an investment property, the low volatility is an advantage. In a situation such as the recent and disastrous COVID-19 pandemic, the non-liquid nature of owning residential property can serve an owner greatly.

While the property market might see some loss, it has shown that recovery and building capital gains happens in the long term and therefore may not cause as much panic for an owner or those wanting to sell.

With the economic conditions improving there are more opportunities to find an opening in the market. Team SKAD has the knowledge and experience to give you the best possible property journey, whether you’re a seller looking for the best return or a buyer looking for perfect property for your needs. Contact our sales team today to see what they can do for you.