As the norms of living and the very world we live in changes around us, almost all businesses have to adopt. The dynamics of certain industries such as tourism, restaurants, and many others have drastically changed. Property has been no different.
Property buyers in Australia have to adapt to new ways of dealing with people and changing trends. With less and less open houses and a shortage of stock, people are sceptical about dealing. These are all the more reasons why you need an experienced buyer’s agent in Australia by your side.
But it’s not all bad. The pandemic has also opened some opportunities where people can invest. Here are 5 reasons why it’s the right time to invest in the Australian real estate industry.
The Role of The Buyer’s Agent in Australia
Since the start of the virus lockdown, buyers, especially inexperienced ones, have gone quite. This has reduced the number of competitors and made the playing field more negotiable. This is a good indicator where you can use this opportunity to invest if you know what you are looking for. This is where the role of an experienced Buyers Agent in Australia will come in handy. They will guide you in investing in the right property for which you will not overpay due to reduced competition.
Since the lockdown, a lot of sellers are reluctant to sell. But for some people, the property business was their bread and butter. There are always owners that want or need to sell. This is where uncertainty becomes an opportunity. Take advantage of the smaller number of listings as they may be people that really do need to sell in a tough environment.
Lower Mortgage Rates
Paying off your home loan has never been this cheap. Data suggest that mortgage repayment would be lower than weekly rentals. This implies that people will be able to buy a property with home loans at a seemingly low mortgage rate during the pandemic. This is a good opportunity for investors who don’t want to take too much risk.
Wait for The Market Boom
It has been observed as a general trend that after every recession/ depression the property market experiences a strong period. After the 2008 global financial crisis, property prices slowly started to rise and reached an all-time high.
This often happens when investors take their money out of unstable share markets and invest it in safer and less volatile assets such as the real estate market.
This helps the market to portray itself as expanding and an increase in demand is seen. The rise and fall in prices help people understand the value of the property. A patient investor can reap very handsome gains during a post virus crisis period.
The Banks are Eager for Business
Due to the lockdown and virus restrictions, the banks are not generating the normal level of revenue. Not many people are signing up for home loans at the moment and the banks are feeling it. Right now, the major banks are luring people with many marketing incentives to attract solid borrowers. Buyers can leverage this situation to their advantage to get a property loan on extremely low rates.
Where the Covid-19 pandemic has affected businesses, there is also a silver lining. Buyers Agents in Australia can really help their clients find a good deal since the rates are low. Also, there will be sellers who want to sell their property during difficult times. This may also play into the advantage of the buyer. The most important factor is the lower prices at which you can buy property right now. This coupled with the fact that property will see its boom after the pandemic will be highly advantageous to the investors.