The flourishing Aussie property market is in for a tough ride amid the delta variant of coronavirus and the return of stringent nationwide lockdowns.
Australia’s record breaking property prices which have been surging for more than 20 years on the trot are about to face a harsh test.
Attributed to the nationwide lockdowns, and the uncertainty of the country opening up and the situation going back to normal anytime soon, the investors and homebuyers have been left in a great conundrum, trying to gauge if this is the best time to invest in property, amig surging prices, or if it’s best to wait for the prices to drop once there’s a semblance of normalcy. Although some spectators and economists have deeply analysed last year’s data and pattern and have reached a conclusion that the lockdowns won’t affect the prices much, as in 2020, the property prices remained the same through lockdowns.
Let’s come to a very important question, how has the latest lockdown been treating the property rates in 2021?
So far so good for the real estate sector, the housing prices in Australia have been undeterred amid the lockdown. In some cities, housing prices have surged rather than plummeting due to the COVID-19 outbreak. It’s safe to say now we know why Australia’s real estate sector is a trillion dollar sector, larger than other investment sectors of the country! A prime example of this is that when the property prices rose by 2% in Sydney (taking them upto $1M), in the month of July even though there was a lockdown during the period, people were still considering investing in property in Sydney!
Why have the property rates been unaffected so far?
The reason why property rates have failed to reduce is the fact that the demand for homes, whether to invest in or to live in, is surprisingly high even amid the lockdowns. Australians have been able to save up on travel expenditure, transport costs, cost of drinking and eating in the last 1.5 years, enabling them to start investing in home deposits and home funds.
Aussie Property prices rising like the 80s!
Australian housing prices are growing at the fastest yearly pace since 1989. The shortage of property, high rental yields and low vacancy rates are the key reasons why the property rates are skyrocketing and growing a whopping 11 times faster than wages growth over the past year, making it so that the housing values have risen in almost every city of Australia.
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