The future of the Australian property market is looking bright, with positive new predictions from ANZ as a complete u-turn from past negativity.
Doom & Gloom No More
After a plethora of gloomy predictions about the property market in Australia taking a hit due to COVID, with projections of housing prices falling by 10%, confidence is back.
The ANZ Bank recently reviewed it’s property forecast and has backflipped on previous statements. In stark contrast, property prices are in fact projected to increase by anywhere between 7-12%.
Why so negative?
The uncertainty of the pandemic brought out the pessimist in many of us, as fear of the impact that COVID-19 would have in Australia, and anxiety about the future.
Employment, rising expenses, longevity of businesses that relied on Australians being allowed to leave their homes, and many other factors were at play.
Could mortgages be paid? Could tenants pay rent? Purchasing new homes, or considering large investments were secondary to ensuring survival the uncertain times that have taken over most of 2020.
What turned the property market around?
Australia has been incredibly lucky. As an island nation, and by large Australians doing the right thing with social distancing and isolation when required, the spread of the virus was largely contained.
JobKeeper and other government grants kept many businesses running, and many of us employed. Aussie’s worked hard to be creative and find different ways to do things.
Restaurants offered drive by takeaway options. Workouts swapped to online classes over Zoom calls. We banded together to buy from local businesses when we could.
As a whole, our country got through the year and things started to return to normal. And with that, buyer confidence increased and the property market rebounded.
What else is there to consider now?
If purchasing a dual living property or investment property in South East Queensland is something you are considering, there are a few other factors to keep in mind.
Purchasing property and making smart investments depend on a number of considerations. Read about steps for choosing the right investment property for you here.
Recent Comments