Homebuyers with stable incomes and approved finances will be able to take advantage of the spring market amid the COVID-19 outbreak, according to a market report from the Real Estate Buyers Agents Association (REBAA).
REBAA predicts that regional real estate markets will continue to perform strongly through the season, driven by strong interest from investors who now see potential in these areas.
Matt Knight, regional spokesperson for REBAA, said that ahead of the warmer months demand for coastal areas is likely to increase as more people realize the benefits of living and working in "lifestyle" areas.
"The increased activity of first-time homebuyers looking to move out of capital cities has also resulted in increased demand, even for smaller homes in regional locations and those in need of renovations," a- he declared.
The REBAA report also showed that sea and tree change sites in Queensland would likely see increased demand.
In Canberra, upsizers are poised to dominate the spring market, while Adelaide is likely to be a hot spot for local and interstate investors.
Tasmania is expected to see an increase in the number of first-time homebuyers and renovators per owner-occupant who will take advantage of low rates and government incentives.
Of all the states, Victoria is expected to bear the brunt of the COVID-19 outbreak, as some of its areas, especially Melbourne, remain closed.
Still, REBAA predicts that once the restrictions are lifted, buyers will have more options than during the phase four lockdown.
"The energy and frustration of the buyers is palpable – a sure sign that transactions will begin as soon as the door is opened. If you have the money and job security and that you are keen to buy, this might be the right time, "said Cate Bakos, president of REBAA.
In New South Wales, prices may skyrocket due to the combination of the low interest rate environment and pent-up buyer demand.
Ramon Mitchell, spokesperson for REBAA NSW, said the under-bidding in the state has left many buyers anticipating the "breathless" spring market. However, he said there are sellers who maintain a wait-and-see approach, delaying the listing of their properties for sale.
"This is especially true for sellers located outside of Sydney and those who hold Grade B investment assets where their fears of losing money may not be entirely unfounded as they go. as the market becomes more perceptive, ”he said.
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