Our property market has made a great recovery over the past two months with sales activity up by an estimated 74 per cent since the initial coronavirus hit in April and we’re still improving with buyer activity building week by week.
The ‘safeguards’ of the system are doing their job in helping us avoid the crash that as predicted in the height of coronavirus in Queensland, however, it’s a different story for our friends in Melbourne who are currently suffering the second wave and under stage 4 restrictions will have the real estate industry all but frozen for the coming 6 weeks.
As interest rates make history with record lows, many borrowers who have been sitting on their hands can’t justify inaction any more. It’s taken the pandemic to do it, but almost half of mortgage holders are ready to ditch their current deal and make the switch to capitalise on a better rate.
RateCity.com.au research found that the percentage of people looking to refinance has upped to 43 per cent.
The uncertainty around the coronavirus pandemic is beginning to dissolve for investors, with signs of recovery in both the Brisbane and South Australia property markets. The Financial Review this week reported stirring investors beginning to consider dipping their toe back into the property market.