The coronavirus crisis is unlikely to make real estate affordable for young, first-home buyers despite predictions of double-digit price falls, experts say.
FIRST HOMEBUYER
First home buyers in NSW have saved almost $1 billion in stamp duty, or an average of $15,000 each, since generous concessions were introduced 18 months ago.
Australian Property Investor Magazine
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Criticism is mounting for Prime Minister Scott Morrison’s $688 million HomeBuilder package, with tight timeframes and the high value of renovations needed to qualify likely to result in few people being able to access the grants.
Perth’s rental market is becoming increasingly tight, with listings plunging and strong demand for properties continuing through the coronavirus crisis, prompting calls that the city could face a rental shortage as early as next year.
Extended periods indoors have led to an upswing in home renovations, a trend likely to be bolstered even further by government incentives targeting major renovation projects.
There has been much speculation and media attention around the potential impact of COVID-19 on the Australian property market, with some “experts” predicting house price falls of up to 30 per cent. But we simply don’t subscribe to those theories for a number of reasons.
Australia’s residential construction sector has been handed a $688 million lifeline, with grants of $25,000 to be made available to build new homes or undertake significant renovations.
Melbourne house prices are falling in response to the COVID-19 crisis. Nobody knows with certainty how steep the falls will be, or how long the downturn will last, but the below analysis can help you pick the point at which broad-based growth will return to the market.
All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or any of it's related entities.