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Will property prices in Victoria boom before Christmas?

Updated: Oct 14, 2020



There is no doubt that 2020 has been an unpredictable year for all. No one could have anticipated that metropolitan Melbourne would be under restrictions for most of 2020, significantly impacting how we live, work and purchase property.

With traditional open for inspections and auctions banned from March in Victoria, there is no surprise that we have witnessed a substantial downturn in property transactions.




With the current unemployment rate in Victoria sitting at 7.1% and expecting to rise to 10% when Job Keeper is wound back, it seems logical to think property markets will suffer.


If unemployment does reach 10%, 90% of Victorians will still be employed!


For those who have been fortunate enough to remain employed throughout the lockdown, they have been able to save much faster than they normally would because they simply cannot get out to spend their money. There have been no holidays, no eating out, no events, no having a beer at the pub.


For those people who were ‘ready to buy’ just before the lockdowns came into place in March, (plus their additional 6 months or more of amplified savings), this situation can only equate to increased competition between buyers when restrictions ease and open for inspections and auctions resume.


Some buyers will be so fed up with being locked down for such a long period, they will act on emotion and overpay for a property just to upgrade or relocate. It is this very reason that we believe property prices could boom pre Christmas.


If you require help or assistance to buy your next home or investment, please book a free consultation today.

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