Stay Safe and Stay healthy. Just pray to God that this bad phase of humans will pass quickly.
As we all know the impact of Coronavirus disease will be suffered in the long run for all the economic, financial and other industries. It will also impact the real estate industry but to some extent. Don’t worry time will heal everyting. There will be no much impact on the real estate sector.
Ricky | Naval Aulakh Real Estate Agent
https://navalaulakh.com.au/I think it depends on the impact on unemployment. If a lot of theses job losses don’t bounce back then this can cause defaults and fire sales or properties and foreclosures. This will have a negative impact on property prices. If the jobs come back fast and the economy is intact then it won’t have much impact.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Definitely true. I believe jobs and economy are the two sides of a coin. Most importantly, they are directly proportional to each other. If one thing rises, then other entity will too. God knows we just can rely on few options during this crisis.
Ricky | Naval Aulakh Real Estate Agent
https://navalaulakh.com.au/Prices gonna drop but I don’t think they gonna drop alot
I agree with you @walkerjon, prices will drop but not much. After this pandemic, the recession will be over, and the prices of real estate will be stable as it is.
Ricky | Naval Aulakh Real Estate Agent
https://navalaulakh.com.au/In my honest opinion, after the whole covid-19 calms down, even if people get back into work at a good pace the market will have to still go down with the amount of average debt being collected in Australia right now increasing during this pandemic. Also this mortgage freezing scheme the government has placed will add extra stress to the market once the 6 months has passed. I’d love to hear more people opinions on this, as I’m a 24 year looking to get into the market within the next year.
It’s quite obvious that Coronavirus has effected the property rates. The market has become weak for some time, but by the time, it would get recovered. So currently, it’s important to stay safe so that we’ll be able to start work again and the economy gets back at the same pace.
Ricky | Naval Aulakh Real Estate Agent
https://navalaulakh.com.au/Hi you are correct. After the 6 month freeze on loans, the banks cannot extend the freeze. True unemployment will be 19% in June. Wait to purchase till the market crashes. I think it will drop 50-70% because of the amount of people unable to service their loans. If you get your loan approved now, keep extending every 3 months, then you will be ready to buy. If you wait to get loan later it will be a lot harder. Good luck getting a big discount!!
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