As the Australian government releases details of its timeline in easing COVID-19 related restrictions, Jason Dasey and the team look at what that means for the property markets.
Taking us through the latest numbers from the weekend, Dr Andrew Wilson says the full economic impact of COVID-19 is yet to come. With new listings stable nationally, that index is down around 30% from its pre-coronavirus peak and just 10% over the same period last year.
And while clearance rates aren’t providing the robust insight we could rely on pre-COVID-19, Sydney is the clear performer with more than double the listings of Melbourne, although supply and relatively high withdrawal numbers continue to impact both centres.
Anna Porter from Suburbanite expects to see a slightly different Spring selling season this year. With government cushioning expected to come to an end in September, Anna expects an increase in listings for those businesses and landlords under financial stress and even more concerning is the looming burden of debt facing renters.
As the workforce returns to “BAU” and with employees understandably reluctant to use public transport, Tony Crabb from Cushman &Wakefield ponders the effects of “Carmageddon” on commuters, carparks and commercial property. Could decentralization be the answer we’re all looking for?
And speaking to us from a luxury residence on Paradise Island, Surfers Paradise, Patrick Ear from LJ Hooker,Broadwater is optimistic about returning foreign investment into the Gold Coast area. Focusing on buyers from Hong Kong, Cambodia and Vietnam in the near-term, Patrick expects Asian buyers particularly may also take advantage of currently favorable currency rates.
Join Jason Dasey for Property Line, exclusively on Property TV.
25 May, 2020
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