We have now been six months into the pandemic and it appears that many of the predictions for Australian property markets have yet to materialize.
“There are a lot of these very frightening premonitions and predictions out there. We hear from people who predict the sky is falling in every way possible, ”says Sarah Megginson, editor of Your Investment Property and host of YIP Talk.
“When you look at what these predictions are, are they really based on facts, on what's going on in the Australian real estate market?”
Real estate researcher and buying agent Simon Pressley, director of Propertyology, does not believe him.
“I think this is where the coronavirus started, this is where the so-called experts have come out in abundance and most of them are high-risk adverse figures by nature. They are the ones responsible for the real estate market falling between 20% and 50%, depending on which one you are listening to. It certainly didn't happen, "Pressley says.
"I am not saying that there is no possibility of a slowdown, but certainly not widespread. We have six months to deal with all of this – it's a bit of time. I also say a lot of things that happened that I hadn't anticipated in February or March. One thing that still remains strong and that is that large parts of Australia are currently producing price growth and, on the balance of probabilities, continue to do so. "
It's true: Pressley says there are many areas in Australia where property values ??are rising.
“The problem is, when we talk about real estate markets, everyone is really talking about their own take on Sydney and Melbourne. Last time I checked these are two cities, not one country. We are in a country of eight capitals and almost 200 individual cities that are not capitals. "
Each of these 200 sites has its own micro-economy and its economic conditions are completely different.
"The next city that has a completely different housing cost, different volumes of housing, different levels of trust, different types of projects going on and that is why every part of Australia is still making a difference. different things in any year, whether it's a Covid year or whatever, "Pressley says.
What particular areas are doing well? Pressley dives into it in the latest episode of YIP Talk, the Your Investment Property podcast – listen now!
Top suburbs:
Kawana
,
Lalor park
,
berala
,
The Pelvis
,
st peters
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