InSynergy Property Wealth Advisory chief property investment advisor Richard Sheppard said property prices were unlikely to fall much further due to the coronavirus crisis.
\n\u201cFor those individuals who are in a position to take advantage of current market conditions, now is the time to organise your finance, finalise your strategy as well as your expert team, and start making offers.
\n\u201cBuyers who purchase in the next few months can benefit from market prices about three to seven per cent lower than they were just a month ago, depending on the location.
\n\u201cThat said, Canberra property prices do not appear to have fallen and pockets of Brisbane and Adelaide also have remained robust during the crisis.\u201d
\nMr Sheppard said the bottom of the share market was around mid-March, which also coincided with the peak of community fear and uncertainty surrounding the coronavirus.
\n\u201cHowever, the bottom of some of the property markets will last for about the next four weeks, according to my calculations.
\n\u201cOnce we start seeing more positive news generally, as well as further relaxation of some restrictions, the market will start firming again quickly.
\n\u201cThe start of the bottom of the market is generally when there is peak negative news, which was the situation about a month ago.\u201d
\nMr Sheppard said the easing of COVID-19 restrictions and optimism surrounding the daily new case figures offered a glimmer of light at the end of this tunnel.
\n\u201cLenders have remained open for business, albeit with some changes to borrowing criteria depending on the applicant\u2019s employment situation and industry.
\n\u201cThe cost of borrowing is also lower than it\u2019s ever been, giving household\u2019s financial breathing room and the ability to pay off their loans sooner and invest.
\n\u201cIt\u2019s almost like a perfect property storm, with record low interest rates, improving borrowing capacity and reduced supply.\u201d
\nHe said good property markets had continued to rise over the decades, even though the world had experienced a number of different economic shocks, including a different coronavirus, SARS, in 2003.
\n\u201cThe same is likely to happen this time around, too, however, some locations will fare better than others.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
A property investment expert believes prices are about as low as they\u2019re likely to go in most major locations around the nation. InSynergy Property Wealth Advisory chief property investment advisor Richard Sheppard said property prices were unlikely to fall much further due to the coronavirus crisis. \u201cFor those individuals who are in a position to […]<\/p>\n