Is the property market changing due to Covid-19?

In the current coronavirus pandemic, there has been a lot of uncertainty as the economy has taken a hit. The world is challenged at the moment but there is still opportunity available; particularly for investors who are in a strong cash flow position. Many investors have been wondering what is the best way to move forward, so I will give you some insight into what you should consider if you are an investor who wants to continue to secure A grade property which will enable you to maximise your capital growth in the future.

As always, before you continue to secure properties ensure that you are in the position and that it is the right time for you because it is important that you build your property portfolio strategically and through being smart with the strategy you adopt rather than putting yourself on the edge and at risk of losing everything at any point. Quality over quantity is what matters and Covid-19 has illustrated that being in the position of building wealth strategically which includes having room to adapt to unexpected situations is critically important.

If you are an investor who is in the position and ready to buy, and currently searching for a property, then you should consider the following:

 * SCARCITY FACTOR. Is the property you are looking at a rare opportunity and therefore highly sought after? Purchasing properties which are scarce is vital as it underpins capital growth. An example is a highly prized street with quality streetscape or period homes. 

* LOCATION. Is the property you are looking at in a prime location? A prime location should include being in a quiet street, with close proximity to shops, cafes and public transport such as a tram stop or train station.

* AESTHETICS. A home that is suitable for you may not necessarily be what suits someone else. Look for a great floor plan which flows from room to room. You should also consider whether the property you are looking at has the potential to be cosmetically renovated in the future – particularly if there are minor things you notice that you would like to change or in the event you choose in the future to rent it out (in order to add value and achieve a higher rental return).

If you are struggling to find the right property, or secure one during the current environment where we are seeing competition due to demand outweighing supply, then get independent, expert advice and consider engaging a Buyer’s Agent to act on your behalf. At Murphy Jacobs, we help clients with a Buy and Hold strategy and pride ourselves on thoroughly searching potential properties which are suitable for clients, including identifying characteristics that will preclude a property from being an ideal fit, and then securing the right property. If you would like have a discussion about how we can help you then you can book a free initial property strategy session here.

AS BUYERS AGENTS, WHAT DO WE LOOK FOR WHEN SEARCHING FOR YOU?

As Buyer’s Agents, at Murphy Jacobs when we search for the right property for you on your behalf we consider the above factors and combine them with our 30+ years of experience to ensure we secure the right property which meets your requirements and will provide you with maximum capital growth.

We look for the following:

1. Healthy future capital growth. Ensuring the property you purchase is going to provide you with maximum return over the time period you will keep it.

2. The Rental Return being inline with the expected gross yield for the area and dwelling type.

3. Potential continuous rental occupancy with quality tenants.

4. Reasonable maintenance expenditure demands and

5. Quality. Whether the property is in the best possible location.

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