Chief Economist for property website Realestate.com.au, Nerida Conisbee shared a valuable insight into how the Coronavirus appears to be impacting the Australian market as well as potential price growth areas.

It’s understandable that many Australians expect to see the market behave as it did during previous economic downturns such as the Global Financial Crisis in 2007, which was a financial and demand shock.
Unlike now, previous downturns in Australia have primarily been financially-led, which is the significant differentiating factor. In light of that, there are a number of reasons why Australians shouldn’t expect to see house prices in freefall.

There are always several markets within markets which means that different suburbs across our different states & cities will experience independent, differing outcomes from the Covid-19 pandemic.

For example, it’s likely that many of the people who are currently stuck isolating in confined spaces like in city apartments with no yard or in small homes on very small blocks. Also, top it off with lots of people now working from home, kids stuck at home during the school holidays and a feeling of being overcrowded, once the Coronavirus restrictions are lifted many families will be reconsidering their options and may consider a lifestyle change which has the potential to increase activity in the acreage & tree-change sector.

There are several factors that Nerida Conisbee says will have an impact on the market…

The banks are a pillar of support
Unemployment will only hit some sectors
Some sectors will experience growth

To read the full article click here

Keeping an eye on what’s actually happening behind the scenes, especially from people with access to the data & invaluable insights into online consumer behaviour on a site like realestate.com.au is important to take into consideration when deciding whether to buy or sell at the moment.

I hope you find this article helpful.

Regards

Greg Vincent