How is the pandemic affecting the Australian Real Estate Market

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Your life as you knew it probably changed in many ways throughout the progression of the pandemic. We constantly heard about the pandemic statistics and learned of the various dynamic guidelines and rules during this time. Perhaps you were required to quarantine at some point, and you may have even worked from home. There have been so many changes, which could have created fear about what was coming next. Fortunately, there have been significant positive effects despite this widespread illness that has touched everyone’s lives.

Over time, there has been a lot of excitement, almost a hysteria, related to the real estate market. This frenzy is associated with the rush of buying and selling homes in a peaking market. Many factors have contributed to the present condition of the real estate market.   

Work From Home 

After the pandemic hit, it became clear that it was safer to be at home and away from large groups of people. Your place of employment likely established an arrangement for people to work from home. This enabled businesses to try and keep you and your coworkers healthy and safe so that you could continue to accomplish business goals. Many companies kept this process in place as it seemed to work well for everyone involved. The remote work factor is one thing that contributed to the surge of the Australian real estate market because people could now work from anywhere.

Move Farther Away    

You may have decided this could be the perfect opportunity to move further away from urban areas to a more suburban or rural location. This idea is one that many have adopted therefore increasing the market demand. Those that need to live in the more urban areas are rushing to purchase from those moving out, while those wanting to leave are relocating to a more suburban or rural setting. In this new remote work environment, you can choose to live almost anywhere.

You might have taken advantage of this demand by selling your home in an urban area and are now looking for something in a rural location. You likely profited or will make a profit on the sale of your home. Now is the time to purchase something less expensive due to location. Since there is no longer a need to commute, you can find a home further away from the office and the more expensive urban areas.

Interest Rates    

Another benefit for the housing market is that the mortgage interest rates have decreased to record lows. If you can find that perfect home in a suburban or rural location, then you can purchase at a lower cost and save in interest. Not only is your interest rate going to be lower, but you will also probably be able to keep money in your pocket due to the lower cost of homes in these areas. Now, you can probably manage to find a more spacious home. You might even find a home with those extra features you have not been able to afford in the past in the urban location.

Stimulus Incentives 

The next item that has probably led to this market surge is the economic stimulus package given to some individuals and businesses. A large number of the population have received some kind of stimulus and, in turn, used that to aid in achieving their real estate goals. The construction world has also benefited from incentives. Houses and apartments are going up everywhere. This has also benefited home buyers and helped push the market into this growth period. 

The Appeal is Great    

Whether you are interested in earning some extra income, lowering your out-of-pocket expenses by decreasing your monthly repayments, or simply desire to move to a more laid-back setting now that you can work from home, now is the time. Currently, the demand is high, and you will have to act fast. Competition is tremendous for buyers and sellers. Homes are selling fast, and you cannot wait. It is difficult to tell when the market will change, but it will inevitably change. Take advantage of the current market trends now.    

Vinh Van Lam
the authorVinh Van Lam
Vinh Van Lam, co-founder of ArtSHINE, is a visionary art coach and entrepreneur with a passion for fostering creativity. With a diverse background in art and business, he brings a unique perspective to empower emerging artists, enabling them to thrive in the dynamic art industry through the innovative platform of ArtSHINE.

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