What’s ahead for our property markets in the next year or two?
That’s a question people are asking now that our real estate markets have been hit by the Coronavirus crisis.
It wasn’t that long ago that the media was predicting another property boom following the remarkable turn in Australia’s housing markets, with the rebound in house prices considerably stronger than many expected.
After our housing markets bottomed in mid 2019 Melbourne enjoyed it’s strongest property price recovery ever and Sydney property recorded the fastest rebound in decades.
No wonder that those of us interested in property started 2020 full of optimism.
But boy have things changed…
COVID-19 and the shut down measures associated with its containment has derailed our housing recovery.
Weaker household income, falling consumer confidence, reduced population growth and weaker investment demand will combine to depress our property markets over the next year or two. However we don’t see a property markets collapsing, in fact house prices are holding up pretty well in our capital cities.
This is in part due to lack of supply of A grade properties and also because the banks are deferring home loan repayments which will prevent forced or mortgagee sales. So in this detailed blog, We going to have a look at what is ahead for our economy and also for the various property markets around Australia.
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