COVID-19 and the Canberra Housing Market
The COVID-19 pandemic is all that everyone is talking about – it’s an unprecedented event that has impacted millions of people around the world. While State and Federal governments have introduced strict and necessary restrictions to help prevent the spread of the virus, the real estate industry continues to operate, albeit with a few changes that are essential in ensuring the safety and health of everyone involved. PRD Nationwide are Canberra’s leading real estate agent, with over 40 years’ experience. If you have a property for sale in Canberra of if you are looking to buy, it is understandable you may be concerned about the impact of COVID-19 on the local property market. Here’s our guide on what the coronavirus pandemic means for both buyers and sellers.
How Will COVID-19 Impact the Property Market?
Like most industries at the moment, the short and long term impact of COVID-19 is unclear. As yet, we are not seeing a dramatic impact on the property market, mainly due to the below reasons:
· The RBA cutting the cash rate twice in March 2020 (as a response to the economic impact of COVID-19) and most banks passing on those savings.
· Most banks are allowing mortgage relief such as deferring loan repayments for 6 months, offering new low fixed rate home loans or refinancing, extending out the mortgage term without penalty.
· Investors are choosing to invest into the property market, which is less volatile than the share market.
· The AUD is low, meaning our properties are now more accessible to overseas buyers and investors.
· Government financial stimulus packages, which are allowing people to access funds to get them by in the short term.
· Real estate agents are adapting and using all manners of technology to allow them to continue to do business. This includes virtual reality videos/inspections and online auctions.
COVID-19 and Buying/Selling - FAQs
Can I Still Buy or Sell a House?
Yes, you can. Real estate agents, sellers’ agents, buyers’ agents and the rest of the market have adapted to the new restrictions. Virtual tours of homes, private inspections and online auctions allow the industry to continue to operate. You can still sell your home or purchase a property for sale in Canberra through a private sale too.
Auctions Have Been Banned – What Does That Mean?
Due to strict social distancing rules, on-site, in-person and in-room auctions can no longer be held, however auctions will continue to be held online. Prospective buyers can still register and bid on a house for sale in Canberra via online platforms.
What About Home Inspections?
Regular open for inspections can no longer occur, however buyers can visit a property in person, if they arrange a private visit through the selling agent. The government says as long as all recommended social distancing and hygiene rules are observed, it is safe to proceed with private open home inspections. Buyers can also inspect a home online via a virtual inspection tool.
Will I Be Able to Have Renovations or Repairs Done?
Hiring tradespeople to do work around the home is not currently restricted under the Federal and State governments’ protection measures. If you do hire tradespeople, ensure you’re practising safe hygiene and social-distancing. If you are looking to sell your Canberra home, why not consider doing small repair and maintenance jobs yourself? With the current rules on self-isolation, now is the perfect time to pick up the paint brush, repair that broken gate, changeover blown light globes and tidy up the garden – all the jobs that you may have been too busy to tend to may now help you occupy yourself will staying home to stop the spread.
At PRD Nationwide, we are following all health advice and guidelines issued by the Australian Government with regards to the coronavirus (COVID-19). Our sales and property management teams are taking a precautionary and preventative approach to ensure the health and well-being of our staff and clients. Despite all this interruption and uncertainty surrounding this health crisis, the property market has not yet suffered dramatically and there are still active buyers and sellers in the Canberra market. With over 40 years’ experience, our team of real estate experts have proven experience in uncertain times, and are here to help you achieve your property goals regardless of the current circumstances. Give us a call today on (07) 3229 3344 or send us an online enquiry and we will promptly get back to you.