The Federal Budget has been announced, and as economists, accountants and business owners across the country pour over as much of it as they can, we thought we would provide a summary, including how the budget affects us in Real Estate. Here are some key early take-aways, and some commentary on what this means for Australians and in Property.
Since the second wave of the COVID-19 pandemic, the uncertainty in the property market has been growing. It’s suggested, without the help of government stimulus packages and mortgage deferrals, home owners will struggle to pay their mortgage repayments and bargains will soon be able to be found.
The events of 2020 have re-shaped how many of us live and how we use our homes. With multiple family members under the one roof needing to find space to study, work, play (or hide!), it seems the need for flexible spaces has never been so pressing.
Following a buoyant start to the year in the inner Melbourne property market, COVID-19 halted the momentum. With limited opportunities to transact, buyers and vendors have been forced to retreat and wait for the market to re-open with the easing of the inspection bans.
It’s been a time of adaption and resilience as the real estate industry has risen to the challenge of operating in a COVID-safe manner. While Victoria’s Stage 4 restrictions have temporarily placed the market in a holding pattern, there’s been one constant throughout the year - strong buyer demand.
It’s been a testing time for the real estate industry as we unite with Victorians against the spread of COVID-19. The good news is the property market, on a stand-alone basis, remains resilient. We have plenty of eager buyers wanting to take advantage of record low interest rates and government grants.
In what has been an unchartered year, the Oakleigh property market has shown remarkable resilience. Initial lockdown periods changed the way open for inspections and auctions could be conducted, with campaigns moving to online auction, private sale and one on one inspections.