When the first COVID-19 lockdown started there was a lot of hysteria surrounding the property market and what was going to happen with values. There were also some wild predictions especially from the normally conservative banks that values could drop by up to 30.00% across Australia. Well, thankfully the banks and several economists were wrong and the property market held up much better than expected with prices remaining stable and reflecting values prior to COVID-19. There were several reasons for this. Firstly, interest rates are at record lows, most likely not to be seen again for decades. Secondly, there are some amazing savings for first home buyers with no stamp duty payable up to a purchase price of $600,000. Combine these factors with low stock levels (down approx. 40.00% on the same time last year) and a lot of people who had already sold prior to COVID and you have the perfect supply versus demand scenario that sees great sales prices achieved.

Enter our second lockdown and the big question mark out there is, what is going to happen with prices now? There are no guarantees and no one knows the answer but the facts are we still have the same situation as the first lockdown. There is high demand in the first home buyer market, rates are still low, supply is still down 40.00% and there are plenty of buyers in the market.

So, our advice is don’t be scared of selling in the current market. If you research results you will see homes are still selling quickly and for great prices and we can’t see this changing in the near future.