Real estate sector has been affected in the recent coronavirus pandemic.

You will see a lot of buzz predicting price drops in the foreseeable future. However, these predictions don’t automatically suggest an easier option to buy a property or if the time is good to do so. The circumstances will gradually reveal whether or not it will be a wise decision to invest in property.

There have been numerous speculations regarding property investments, but it all depends on the circumstances. Nobody can guarantee a completely positive or negative outcome, still we need to keep ourselves updated with the current trends. Keeping abreast with the present scenario will help us make informed decisions. So, let’s take a closer look at the condition in Australia in the property market.

Is It a Breakthrough for First Time Home Buyers?

Analysing the speculations surrounding the property market, it could be a breakthrough. However, you should remember that these are all speculations that don’t come with a guarantee.

If we closely look at the property prices, the declines in property values started during the pandemic so far have been mild. But, this downturn is not the only factor to be considered to assess the affordability. Well, in the long run, we are going to see a decline considering the massive impact of the pandemic. However, your income sources and future earnings are also important.

People belong to different classes and income groups, which is also an important factor in deciding investment in property. It depends on personal financial circumstances. For those who have enough resources, stable income, and a stable job can buy property for themselves at this time if they are keen for a potential deal to be closed.

Apart from this, personal needs are the most important factor to be considered. Though the property market has been hit badly, there was plenty of demand before and after the crisis. This indicates that despite the negative impact of the pandemic, there are a lot of people who are thinking of buying property and haven’t changed their mind.

Moreover, virtual tours have facilitated property inspections right from the comfort of the home. Keeping the pandemic aside, we recommend you to have a timber pest inspection in Sydney to ensure the condition of the property you are planning to buy.

House Prices Are Already Way Down

The drop in property values at the moment and the lower wages is a new normal. As a result, you will notice no bargains, and even vendors are holding their ground and some have taken to sell off market. Also, there is a noted drop in transaction volumes, listings, and consumer sentiment index numbers indicating decreasing demand to buy homes. This decrease in demand has also caused the property prices to fall, which is expected until we see a growth in wages and recovery in jobs.

Factors to Consider for Buying Homes in the New Normal

During these tough times, there are even more factors to think of, when it comes to buying property. The young crowd and first-time buyers are sceptical to buy property as they are uncertain about their jobs. Also, it is a high cost and high commitment purchase. Owing to the dramatic losses in the wages, they are likely to face issues getting a loan from the bank as banks are getting strict on their lending.

If you have a stable income and proper financial backing, you can consider taking a home tour. Moreover, you have a lot of downtimes to look for the right property as fewer people are looking for a property at this time. So, it would be easier for you to find the right one for yourself. And, yes don’t forget to get a building and timber pest inspection done to make a worthy purchase.

Our Advice to Home Buyers

Predicting anything about the property prices over the next few months and even years is going to be difficult. It completely depends on what will happen with coronavirus. Further, you will see numerous factors that are causing certain shifts in the demands and prices of the property.

In addition to this, people need to consider their position in terms of secure jobs, stable incomes, and good financial backing. Based on these important factors, they may choose to wait or move forward with their investment in the properties they are keen to buy.

Lastly, we would like to conclude that everyone has different circumstances. No matter what the time is whenever you are buying a property consider having a building and timber pest inspection in Sydney.

Doric Property Inspection will ensure whether the property is in good condition or not. We will help you to evaluate the condition of your potential property, including advice on changes or renovations and save you from taking a hasty, uninformed decision. Talk to our licensed and experiences property inspector today to book a building and timber pest inspection.