Property Investors Are "Extremely Optimistic" In The Real Estate Market Over The Next Year Despite Concerns Arising From The Impacts Of The COVID-19 Epidemic, According To A Joint Investigation Of The Property Investment Professionals Of Australia (PIPA) ) and the Property Investor Council of Australia (PICA).
According to the survey, seven out of 10 investors are confident about the short-term outlook for the market. About four in five investors even said that the coronavirus epidemic had not changed their investment intentions.
Peter Koulizos, President of PIPA, said the survey results indicate the "extremely optimistic" attitudes of real estate investors. Koulizos cited two reasons for the positive outlook for investors.
"It is clear that record interest rates, as well as the resilient nature of property in times of turbulence, are prompting investors to continue their plans," he said.
In fact, 60% of investors said the pandemic did not require them to change their investment plans over the next six months, while 30% said they were more likely to buy property due to the effects of the epidemic.
Still, some investors have felt the impact of the epidemic, with about one in three experiencing loss of income, excluding rent. Despite this, 91% of investors have not yet applied for mortgage repayment leave.
"Most investors also indicated that they have financial buffers to see them through the current economic uncertainty," said Ben Kingsley, president of PICA.
The survey also found that one in five tenants requested some form of rent relief. However, the owners were unable to provide support in 15% of the cases.
"However, it is clear from the survey that the owners worked with tenants who were suffering from real financial difficulties in these difficult times, with only a very small percentage failing to reach a mutual agreement", a said Kingsley.
Paul Wilson, Founder and CEO of Income2Wealth, said that investors must maintain their point of view and keep their head despite the headlines about the COVID-19 epidemic.
"Adopt the philosophy that this too will pass," said Wilson in a recent interview with Your Investment Property. "This does not mean that you should be reckless. These events can be quite serious and require careful consideration and appropriate action – the emphasis here is on relevance."
Michael Yardney, director of Metropole Property Strategists, suggested a similar approach, adding that investors should be able to take a long-term perspective when considering price projections.
"As always, while some people worry about bad news and stay away, strategic investors will secure their future financial freedom by buying well-located real estate, recognizing that ; they have little chance in their lifetime of investing at the start of a new housing cycle, "he said.
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