The real estate and property markets have been remarkably resilient even during the worst of lockdowns. However, the reopening of Australia’s economy has had varying impacts on the real estate and property markets.
Doomsayers were wrong
Despite the pandemic-induced economic downturn, Australian property values didn’t crash as some doomsayers “predicted.” Though property prices did go down, they didn’t crash, and many Australians took advantage of the lower prices to purchase homes in the suburbs.
The varying impacts on the real estate market have more to do with the state or territory when it comes to the number of cases. For instance, New South Wales and Victoria suffered increased second-wave infections, so federal and state governments were forced to go into complete lockdown quarantine. On the other hand, Queensland’s cases were going down daily, and this had a positive impact on the real estate market.
What’s ahead as the economy slowly opens?
At present, the real estate market is still selling homes briskly in some states (except NSW and Vic) because many buyers are taking advantage of the still lower property prices, government grants, low-interest rates, and the Homebuilder Allowances. Properties that are now suffering even as the country’s economy is opening up are:
Apartments in high-rise towers
These are the residences being left behind so buyers can purchase a better home suited for lockdowns or work from home situations.
Apartments close to universities
Enrolment has gone down considerably. Many students are finding it more practical to return home or sell off their apartments and seek better housing.
Properties in blue-collar areas
Many people living in these locations will find themselves either unemployed or underemployed.
Steve Cordenos Real Estate
It’s a good thing that real estate Cairns in Queensland remains strong. With people deciding to leave their apartments and condos behind, they are seeking better homes and properties for their families to wait out the pandemic or because they are in work from home situations. Whatever the reason to search for a new home in the Cairns area, do get in touch with Steve Cordenos Real Estate Cairns. We have over 30 years of real estate experience as proof that we are one of the best. Call us now at 0418774994 or visit https://cordenosrealestate.com/.