Post Pandemic Property Prognostication

Property prognostications post COVID-19 are everywhere. The property experts are keen to sprook their predictions on what could, might, maybe happen to post pandemic property prices.

One thing the experts do agree on is that people’s property activities are dictated first and foremost by a genuine need in their lives – they are relocating, need a bigger house, need a smaller house or want to invest and opportunity (let’s make a killing on the property market) is not the primary push.

When we are asked questions about the local market, whether prices are going up or down etc. our responses are always based on facts – local facts.

• What buyer activity is in the market at the moment – locally?
• What is the average sale price of properties in the last 3-6 months – locally?
• What does our historical data tell us about long-term changes in our market – locally?

We have put together a Frequently Asked Questions summary for you so we can answer some of your questions as they apply to our local market.

Q: Did the local market drop during COVID-19?

Prior to the initial panic of the unknown, the onset of imposing restrictions and business shutdowns as well as instructions from our Federal Government to “stay at home”, our Award Winning Agency had the best six months  ever. Our first quarter in 2020 saw record levels of growth in the number of properties we sold.

Once COVID hit our shores and towards the end of March the media swarm of headlines as everyone tried to figure out what was going on things did slow down a bit. Understandably real estate was not a priority for many people and we were still working out a new operating basis for our industry. The result of all this was a genuine slow down in activity while everyone caught their breath.

Q: So how long did that last?

Not long at all really. Australia has been one of the lucky countries, one of the least impacted, so up here in FNQ we were even more isolated from a lot of the direct impact. After about 3 weeks of being locked in our homes we saw that people had had enough of just sitting and waiting for the next move. From the Easter weekend we saw a surge in buyer enquiries and it seemed that the market was almost back to normal – even at that early stage.

Q: Is the local market picking up?

It never really stopped, but we are seeing high levels of buyer enquiry which is translating to offers and contracts more quickly than in the past. You will see SOLD signs going up again now and that shows that there is confidence in our local market.

If a SOLD SIGN appears in your street, it’s time to contact us for a Property Health Check for your property. Every property sold in your street, or even nearby, will have an impact on the value of your home.

Q: What is the outlook going forward?

We are feeling really positive about the rest of this year. There seems to be more buyers than sellers in the market right now, and that is usually a recipe for growth.

So our market is changing, and the tipping point will be getting some new properties to the market, to satisfy the demand of these new buyers.

Q: What’s the next step for me?

Try not to let the headlines and bulletins influence your decision making process because a lot of what you read and hear is predominantly based on data out of the bigger capital cities. Do your due diligence and property research with a local real estate agency.

If you’re thinking about selling or just want to get an idea of what your property is worth in today’s market, contact us or fill out an enquiry form here and we will give you a FREE and confidential Market Report tailored to your property.