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Australian property market shift
Property markets all over the world have experienced unpredictable changes during the global COVID-19 pandemic. But how are things going here at home?
As most of Australia continues to emerge from lockdown and the promise of reopened borders nears closer, property markets in capital cities also start showing signs of hope.
Although Australia’s unemployment rate has just increased to 6.9 per cent, 1.7 per cent higher than a year ago, a record number of government stimulus packages combined with low interest rates mean that many property markets are holding strong.
Demand continues to rise
New insights from REA Insights Weekly Demand Index show that demand for properties on realestate.com.au has increased for four weeks in a row leading up to 21 October.
Meanwhile, research from Domain suggests that a rebound in listings and sales volumes on their platform is a snowball effect from the lockdown, with buyers eager to get back into the market after stage 4 restrictions were lifted in Melbourne.
During stage 3 restrictions in most Australian capitals, weekly listings on Domain dropped 40 to 50 per cent, whereas Melbourne saw drops of as much as 70 per cent in their most recent lockdown. By October 4, these numbers had recovered stronger than before with massive increases of 241 per cent from the week before.
In the sunshine state, Brisbane’s relative affordability, government grants and desirable lifestyle has ensured that property prices in this sub-tropical capital remained resilient during the toughest months of COVID-19.
With the addition of planned spending on infrastructure and a more favourable climate than the southern capitals, Brisbane is tipped to experience a boom in property prices of up to 20 per cent.
For the luxury Brisbane suburb of Rochedale, that has a median house price of more than $1 million, house prices have recorded growth of 4.2 per cent during the peak of the pandemic, proving that demand remains strong in certain areas despite uncertainty.
Convenience and lifestyle still a priority
Although the COVID-19 pandemic has caused some buyers to look towards regional areas or to the outskirts of large cities, research by Knight Frank shows that there is still a strong demand for inner-city apartments.
With the temporary work from home routine expected to end or partly return to ‘normal’ in the coming weeks and months, buyers are keen to avoid a lengthy commute to the office, resulting in an appetite for homes within walking distance of capital city CBDs.
For those buyers holding out for a permanent work-from-home shift, properties with easy access to parks and shops are high on the priority list along with space for a home office and a generous kitchen.
R&F Property Australia offers a number of newly completed apartments available in Brisbane and Melbourne offering modern, convenient and ideally located homes with easy access to local amenity including parks, shopping precincts and more.
Located in the heart of Rochedale, one of Brisbane’s most desirable and resilient suburbs, Maison offers buying the opportunity to build the home of your dreams with lots ranges in size to suit all budgets.