"The opportunity for investment is here, as Simon Clarke says: 'The important thing now is to seek the advice of experts to ensure that your purchase is the right one for you for the long term.'" - Matthew Lapish, Senior Investment Analyst
UBA Property expert Simon Clarke said shockwaves from coronavirus are being felt in most parts of the domestic economy, but the Queensland property market has held up defying broader predictions of a downturn.
“We’ve certainly seen the number of listings slow down, but what’s incredibly encouraging is that prices and interest have remained very steady,” said Mr Clarke.
”There was some early uncertainty around whether prices would come under pressure due to social distancing, rising unemployment and consumer confidence taking a battering.
At a Glance:
“But the latest data and our own experience in the market has shown that despite the battering the ASX has received and other investment portfolios have received, Queensland’s property market – particularly Brisbane – has remained rock solid."
Mr Clarke told WILLIAMS MEDIA that North of Brisbane was favourable.
"In terms of areas North side of Brisbane with 10km- 20km of the CBD in the price range $500-$800k house on good size blocks," said Mr Clarke to WILLIAMS MEDIA.
Latest figures from CoreLogic showed house values rose 0.04 per cent in Brisbane in May, to a median house price of $508,386 following a 0.4 per cent rise in May.
“COVID-19 hit Queensland at a time when the property market was recording the strongest start to the year in half a decade,” said Mr Clarke.
Mr Clarke said the level of enquiry for Queensland property through Universal Buyers Agents has remained steady and has not shown any hints of a slowdown.
“The introduction of stimulus measures such as JobKeeper and lower interest rates have helped bolster consumer sentiment and we’re certainly seeing that in the level of enquiry we continue to see for Queensland property,” said Mr Clarke.
“Now that we’ve got a light at the end of the tunnel and a lot more confidence going on within the domestic economy there is a lot of opportunity for buyers to snap up real estate in the state.
“The important thing now is to seek the advice of experts to ensure that your purchase is the right one for you for the long term.
“We can help navigate the changing landscape to ensure you’re getting the best deals that will see you through the other side of this post coronavirus world.”
Mr Clarke urged buyers to think about purchases for the long term, looking at gains over 10 to 20 years.
“Although the world economy may be uncertain in the short term, property purchases will continue to see growth longer term," said Mr Clarke.
"We need only look at the run on effect following the global financial crisis.”
The Real Estate Conversation. (2020, June 12). Queensland property a safe haven for home buyers amid COVID-19 fall out. Retrieved from https://www.therealestateconversation.com.au/news/2020/06/12/queensland-property-safe-haven-home-buyers-amid-covid-19-fall-out/1591926530