This lockdown has been called the circuit breaker, and it appears the circuit has been broken. Fortunately for us we were already prepared with the right strategies, technology and contingencies to deal with anything at Woodards. Here is a short summary of what the announcement today means for us in property, and what tools we have at our disposal to help all our clients.
There are new rules which take effect on the 29th of March 2021 ( the Residential Tenancies Amendment Act), which are poorly timed and may not have a positive impact on the Melbourne rental market. Coupled with the impacts of the pandemic, the sand is shifting beneath all our feet: Landlords, tenants and property managers alike. It is interesting how we categorise people in this way, when the reality is far more complicated.
The only constant in life is change. To be able to confidently navigate uncertain times, we need to look beyond the data and gain insights into the drivers behind the numbers. Everyone is tired of hearing about the shapes of different graphs, some curves we want flattened, while others we hoped would turn V-shaped.
If it were easy to pick the bottom of the market, there would be no bottom. People would all be waiting to purchase all at the same time, there would be a spike in competition and an upwards pressure on prices; no more dip, no more bottom of the market. The opposite is also true; if it were easy to pick the peak of the market, sellers would all be waiting until the same time to sell, this would lead to a huge dump of supply all at the same time, and there you go: no more peak.
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.
In an exciting week for buyers, sellers and agents alike, several key announcements were made by the State Government which ease restrictions and allow the industry to get the gears turning. Importantly, Private Inspections and those appointments required for the marketing of a property for lease and sale are now allowed.
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.