As you know, Upstate has been doing our part to navigate some of the recent challenges when it comes to selling – including online auctions, private house inspections and working with buyers and sellers remotely.
This has been working quite well – however, we realise it’s not business as usual.
As a result, we have seen people starting to gravitate away from selling, in preference for renting out their property in order to weather the storm.
While this has been a smart tactic in the past, is it a wise decision now?
As it turns out, the rental market is actually softening.
While most people are thinking that property sales are falling due to COVID-19, the numbers we are seeing are quite the opposite.
With over $7 billion in approved mortgage loans and the national interest rate reaching its lowest in 100 years at a record 0.25%, people are actually more capable of buying real estate now than ever before.
The recently sold properties at Upstate show how unstoppable the property market has been lately. Some of which include:
Since property is generally considered a far more stable asset than the share market, (which is predicted to falter over the upcoming months), we’re expecting that the demand for houses and units will still remain strong – even with the impact of COVID-19.
With the number of off-market properties for sale on the rise, savvy Buyers are on the hunt for the best deal and Sellers are saving thousands in upfront marketing costs. Talk to your Upstate Agent today about how to take advantage of our off-market database.
For example: 19/6 Francis Street, Dee Why sold off-market for $500,000.
After successfully selling another property in the same block at earlier in the year at auction, we took our under-bidder through this property, and after one inspection in one week, another successful sale was made!
The rental market, on the other hand, is having its own challenges right now with an oversupply and weekly rental prices are far less predictable.
Due to the lack of tourists and local holiday goers, short-term rental platforms like Airbnb are crowding into the long-term rental market. And without overseas workers and international students, the lockdown has also pushed the overall demand for rental properties down.
All of these forces have increased the rental vacancy rate over the past few weeks.
The coronavirus has undoubtedly affected our lives in unpredictable ways and it’s understandable to have concerns about the property market.
Nevertheless, thanks to the low interest rates and rise in approved loans, there are actually a high number of buyers out there actively looking – we’re seeing it firsthand.
For many Australians with growing families, the need for a home will always exist, and with our ability to adapt to these restrictions, property sales still continue to be quite strong.
So, if you are considering relying on renting to hold off selling, you may want to consider your options. With the uncertainties brought by the current crisis, selling might actually be a better choice.
Did you know?
It’s free to chat with a Mortgage broker and there’s zero obligation to take out a loan – contact our in-house Upstate loan market team to learn more or download our FREE Finding Finance eBook – We have you covered!
Are you wondering whether to sell or rent during COVID-19? No worries – we can provide some advice and guidance.
Because even through challenging times, we’re always here by your side to help you find yourself in a better place.
Speak to your local Upstate team today and we’ll show you the possibilities that are getting great results.