Five things COVID has taught Australia about property
As a country we’ve learned a lot in the past 18 months, including new concepts like social distancing and new words like ‘unprecedented’.
As a national pastime and passion, real estate has not been immune from this learning.
In fact, COVID has confirmed some things we long suspected about Australia’s love of property, but it’s also delivered some new insights.
With that in mind, here are five things COVID-19 has taught Australia about property…
Real estate is as ‘safe as houses’
When uncertainty reigned supreme, lockdowns became a regular feature and talk turned to impacts on the economy, Australians shifted their attention to the financial safety of property.
Rather than the downturn many predicted, the property market actually picked up in 2020/21, resulting in rising house prices.
In fact, the demand for the security of bricks and mortar real estate soon resulted in the highest price growth in 30 years, with property values climbing 20 per cent in the past 12 months.
There are new ways to sell and buy a home
As more and more people sought to transact property, different ways of inspecting and selling homes became increasingly popular.
These have often been driven by lockdowns and the inability to physically attend a property. For example, video tours and online auctions have now become commonplace, with buyers and sellers becoming increasingly comfortable with transacting property online.
Property design matters
One of the biggest lessons that COVID taught us all was that the space we live in really matters. Over the initial months of COVID-19 and the resulting widespread lockdowns, property search terms like study, home office and indoor/outdoor living trended.
That’s because our homes were suddenly doubling as offices, classrooms and residences, and we wanted additional space that was both relaxing and functional.
We can live where we please
Another major trend during the past 18 months has been the adoption of the work from home lifestyle. That’s seen many relocate from the major capitals and look a little further afield when it comes to where they reside.
As a result, regional areas have seen large population increases, and house prices across the country have sky-rocketed.
We can save when we want to
With overseas travel off the cards, dining out limited and physical shopping restricted, Australians now have more money in their pocket than previously.
Coupled with government stimulus, that’s allowed many people to save significant funds, which they’re channelling into upsizing, downsizing or purchasing their first home.
Trends to continue
Many of the trends that have emerged in the past 18 months will continue into the foreseeable future, with property prices still rising but at a less frenetic pace than in recent months.
Meanwhile, the way we view our homes might well have changed forever and tools like video tours and online auction are definitely set to stay.
Looking to sell your property
If you’re considering selling your property, why not chat with one of our friendly Eview agents on 1300 438 439 to organise an appraisal and understand the state of play in your area?
Or if you’re looking to purchase, you can view our available properties for sale here.