While some headlines would have us believe that the property market is in meltdown, the truth is that the pandemic has had a minimal impact on prices so far – certainly not the drastic 30 per cent drop that has been suggested. What we’re now seeing in Australia is closer to a five per cent fall in property prices and that’s only in some specific areas.
In fact, the Sunshine Coast is currently experiencing over seven per cent growth, rental returns are still strong at five per cent and demand is high. It also makes sense to borrow money, as interest rates are the lowest they’ve ever been.
Making property predictions is hard, especially in these uncertain times. But what we do know is that property markets have proved remarkably resilient so far – they haven’t ‘fallen off a cliff’ and there are no indications from any sector that they will.
Factor in, too, that our little pocket of paradise on the Sunshine Coast is more popular than ever, with more and more people moving here, driving property demand even higher.
Remember that property is a long-term investment – 10 years, maybe more – so investors shouldn’t base their investment decisions on today’s headlines, plus the current economic climate will be history in 12 to 18 months. Quality property in popular areas is still, and always will be, a sound investment.
For motivated investors, there are solid buying opportunities in the market at a time when there’s less competition, interest rates are at an all-time low, property prices are relatively stable and migration to Queensland and the Sunshine Coast is on the rise.
So, if you’ve been thinking about investing in property but haven’t done anything yet, find out more about why the right conditions exist now.
Jason Dwyer has been in the property investment business for more than 35 years. For more information, visit dwyerpropertyinvestments.com.au.