We’ve received a number of questions from concerned clients asking about the impact Coronavirus has had on the property market and what the future may hold for property investors, so I thought it would be beneficial to share some positive insights.
Yes, there is madness and chaos all around. There are a lot of unknowns and many people are full of fear. We don’t deny this is a serious situation, but if there’s one thing we all agree on is that at some point this will end. The market will recover and most of us will be ok.
I am confident in Australia’s ability to recover quickly from this difficult time with such resilient communities and decisions made at the highest level to put us all in the most robust economic position to bounce back.
While we all adjust to these unprecedented times, we have remained in constant contact with our development and builder networks. Most are continuing to work to deliver product and handover in set timeframes, while following the social distancing requirements.
I love property for a number of reasons, but particularly in times like this when so many things are uncertain, the property market is a constant. There are fewer extreme reactions because of people panicking. Property is not as volatile as the share market and has historically stood strong in times like this.
Furthermore, residential property in particular is a strong investment option in the right areas at any time, as people will always need somewhere to live. Plus, with all the social distancing recommendations being enacted at present, ‘home’ is the safe, secure place for most Australians right now and will be even more so the longer the virus is present in our lives and media.
There may be a fear of purchasing or making any kind of decision beyond the immediate future. I understand it is challenging to make big decisions when everything feels uncertain and ‘real life’ has been flipped upside down. However, if history is anything to go by, it is precisely these times that the smart investor makes great headway by enacting their strategic plans.