After months of lockdown and isolation, this question keeps popping up.
Interestingly, people are still selling and buying properties in these unpredictable times and those buying their own homes are securing some very good deals. It’s a real Buyer’s Market in Sydney. Some Investors are looking for value and those who are cashed up and have retained their full time income are still buying very selectively and taking advantage of the current market conditions.
But what about the majority of Investors? Should they be getting back into buying property?
According to the latest Corelogic sales stats, there were only three cities that showed increases last week – Hobart 0.8%, Adelaide 0.4% and Canberra 0.5%. The other capitals showed small decreases. So the stats suggest that all is not dire in the property market.
At the moment the property market is holding it’s own and whilst there has been a drop across most major cities, the property market seems to be weathering the Covid experience fairly well.
The test will ultimately come as we understand the numbers of those returning to work and able to access employment and the numbers of people putting their properties on the market.
More people accessing work will provide a much needed boost to both the mental well being and also the economy.
These positive indicators should ultimately provide more housing stock and perhaps entice more investors into the market.
Public sentiment drives the market and once there is more optimism, we will see greater numbers of properties on the market and more buyers keen to buy.
My suggestion – watch this property space – but not for too long – and pick your time to make your investment move.
Wait too long and you will find yourself competing on price for properties once again and the days of buying under market value will be gone.