Because of the COVID-19, many businesses have given the flexibility to work from home options. In the long run, most of the companies are already looking to make this option permanent. Technology has improved a lot since the last decade and has given people to move around and still deliver the work they are required to support their work. People are moving to more online work sessions, and offices are getting more productive in getting their deliveries done successfully and efficiently. Till 2019, where getting work from home option was a flexibility and considered a luxury. In 2020, working remotely, or work from home has become a necessity for offices to get their job done.
For the past two decades, Australia has been experiencing a building boom. More than 700k apartments, flats or units have been built nationwide since 2001, according to the Australian Bureau of Statistics. The COVID-19 has had a sobering impact on most areas of the Australian economy, and real estate is no different. But if you’re looking to buy your next investment property, there are plenty of bargains in the market. Plenty! Every new change has its pros and cons. As more people are now working remotely, more space in their home is sought. Lockdown has triggered the need for small backyards and space inside the house to have more meaningful family time together. The trend which was gaining momentum last year has now indeed accelerated. People are moving out of the city area to get more space for their loved ones in their home.
Back in the market are the first time home buyers, thanks to the government’s new scheme that has encouraged them to come out of the shell, supplemented by cheap finance. Not long ago, borrowers were paying 6-7% on their mortgages. Now it is typically 2-3%.
You must have heard the saying by Warren buffet that being fearful when others are greedy and be greedy when others are fearful.
We appreciate that it’s typical human nature to find it challenging to own your new home or buy an investment property when everybody else is running around thinking the world is coming to an end. And that is why one needs to look at the data and facts compared to widespread sentiments.
We strongly believe it is the best time to prepare yourself to take advantage of the opportunities that the market is offering now. After each global recession, there has always been an increase in the Australian housing prices, and I am very confident that there is no reason that this will be any different from the previous times as the long term fundamentals are still very much intact.
The people who have a secured job and their finances are organised, now is a great time to consider owning a home or acquiring another investment property at a price that you were unlikely to be able to offer only a few months back. But please make sure you find the strategically right property, and what I mean by that is that not only it should be the right property at the right place for the right price, but also, more importantly, suiting your investment strategy right.
If you lack insights on your own property investing strategy (or do not have one), or if the fear of the market is driving your decision not to invest, have a friendly chat with us to find out how we can help you take advantage of the great opportunities out there in today’s real estate market.
Should you be time-poor to go and buy the property for you, feel free to leverage independent buyers agents/consultants out there to help you through your investment journey.