Is the property market changing due to Covid-19?

As a result of the Covid-19 pandemic, there has undoubtedly been some changes which have occurred relating to property and in particular people wanting to move to a location which provides more lifestyle opportunities. It appears that working from home has given people time to think about where they actually want to live and what they want to have available to them – which has prompted some to make the decision to move.

According to the St George Property Monitor report which was released last week, it was confirmed that of over 1,000 Australians who were interviewed in April, approximately 16% had changed their living arrangements, 12% had made a change such as moving house or having others move in with them and 3% had decided to delay plans with the remaining 1% having made other changes which were not specified. I want to give you insight into the changes that have occurred and what is driving them.

The Coronavirus pandemic has prompted Australians to realise working from home is possible and rethink their priorities and in particular where they want to live in terms of lifestyle and requirements. There has been a fundamental shift in what buyers are searching for; with many opting to move further out to have more space.

There has been an increase in home owners who have been living in the inner city wanting to move further out.

We have had quite a few potential clients recently ask if we buy in the regions and of course we do. Interestingly it has been a combination of both investors and home buyers asking this so it appears that both are interested in purchasing in locations which provide lifestyle as well as what we always ensure clients invest in – which is A grade property that is in a location where they will maximise the capital growth that is possible. Will this trend continue? I think it will because more and more of us are really thinking about what lifestyle we want for ourselves and our family and working from home has now made this an option for many.

Where are buyers wanting to buy? 

The locations we are currently searching for properties in for clients include the Mornington Peninsula, Geelong, Ballarat and Woodend. We have always helped to find property for those who are wanting a sea change or tree change; however due to this current pandemic there has definitely been an increase in clients with this requirement.

Is now a bad time to sell a home and buy another property? 

Many new clients who wish to move have also been asking whether it is a bad time to sell now and buy another property. It really does depend on your situation, and I am more than happy to arrange a free 45 minute in depth consultation where once I understand your situation I can provide you with a clear answer. Generally speaking, though, the circumstances aren’t as dire as many seem to think. If you are buying good quality property then you cannot lose long term. We haven’t seen a drop in the market value of A grade property so if this is what you are planning to buy then you cannot lose long term.

What should you be aware of if you are planning to buy in the current market?

Remember to always think of the long term plan you have and ensure that what you are purchasing is the right property for your long term goals. Be strategic and ensure that you know all of the characteristics to look for when securing your next property.

Also, be careful of aiming for “the cheapest property” and utilising that as the primary criteria without considering the other critically important factors as that can result in the wrong sort of property being purchased which can cost you exponentially long term.

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