What's Happening with Property During Co-Vid19?
This is one of the most common questions we are getting asked right now. Has the property market been affected by Co-Vid 19.
Short answer is Yes, there has been an affect from Co-Vid. There has been an affect on the amount of stock or properties on the market. All though in truth for the last year there has been a reduction of properties on the market.
However, the long answer may not be as straight forward. Based on recent articles provided by Realestate.com.au or CoreLogic, there hasn't been much movement on price in the Brisbane area.
For example, on the nine news website (https://www.9news.com.au/national/australia-property-prices-covid19-the-suburbs-where-house-prices-have-fallen-most/b8d56630-5397-445d-94a4-8878a52abde6) on Friday June 26th 2020 the only Queensland suburb listed where property prices have declined was in Ipswich at -1.2%. In fact the article highlighted that during May, the Median Property prices for Brisbane increased by +4.3%.
So the amount on the market has had a reduction, however the price of properties has not fallen as badly as some have been saying at least in QLD. The recent REIQ Brisbane Market Monitor for June 2020 has also highlighted that property prices have roughly stayed the same. Also that the Median price is at $478,500 and that current average time on the market is 49 days.
If you would like us to send you this information noted in this article. Feel free to call me (Trent) on 0449589238. Or if you would like to discuss your potential options when it comes to real estate please feel free to give me a call.