24 March 2020

What Does COVID-19 Mean For Real Estate

My personal outtake from a REA webinar for real estate agents “What Does COVID-19 Mean For Real Estate”

Earlier this afternoon, I listened to a realestate.com.au live presentation, an update on the current state of the Australian property market.

In the short term, there is the massive challenge of global uncertainty. Within Australia, people will lose jobs. Economic growth will slow. Locally, there are other uncertainties. With bad news for cafes, restaurants, tourism-related retail , the Port Douglas area is likely to be particulary impacted

A potential upside if if COVID-19 doesn’t spread here, it could look attractive as a residential option.

Search activity on realestate.com.au is down in the last couple of weeks, but still up on what it was 12 months ago, pre-Federal election. It is anticipated that with more people having time on their times in the next few weeks/months, this is an opportunity to research their next property move.

Interest rates are at a historic low, and prospect of them increasing anytime soon is low, and banks have indicated they want to keep lending.

Importantly from an agent’s point of view, there is currently nothing to stop property transactions from occurring. Real estate is currently viewed as an “essential service”. (Challenge will be if they stop agents from going into other people’s houses.) Virtual tours and video presentations to become vital. Agents need to be proactive and look at alternatives to traditional OFIs and auctions, and in this regard Cote Nord Property Port Douglas is well placed, being online-based, flexible and proactive.