MAY COVID LEVEL 3 UPDATE
Just when the market had gained momentum in the early part of the year, Covid-19 appeared and we all disappeared into lockdown. For the real estate industry level 4 meant the total cessation of all physical property inspections. Currently we’re in level 3, and fortunately the Covid-19 protocols provide for inspections on a limited basis i.e. two groups per day. This is allowing us to develop the interest and service the pent up demand created via our virtual tours.
Despite the lockdown we continue to field good enquiry and are working our way through a backlog of those looking to make physical inspections either as part of a settlement process or as a purchaser. In short, buyer interest has not gone away as a result of Covid-19
With LVRs (Loan to Value Ratios) now gone and interest rates continuing to trickle down it really is a wonderful time for renters to become homeowners. Regardless, the market is returning to activity as peoples circumstances evolve. Our expectation is that market values will be robust on the back of low interest rates, fuelling both the purchasers ability to buy and the sellers capacity to hold.
In short, having weathered the Share Market Crash in 1987 and the GFC in 2008, we know life in real estate never stops.
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