Real Estate

Virus likely to impact Sydney housing market

WE are in unprecedented times. Every day there is more news unfolding from around the world about the Coronavirus.

The global economy is suffering, and no one quite knows what long term impact this virus will have.
The first question everyone asks me is, ‘what will this do to the property market?’ and this is a valid question. We attended open for inspections across the city on Saturday in the Inner West, Eastern Suburbs and North Shore and all of them were very well attended even though it was raining.
One inspection I was at was in Chippendale and had 40 groups through. So the knock on effect has not hit the open homes as yet.
We did see a drop of seven per cent in the clearance rates from last weekend, however some of those were set for auction and purchased prior or just after, so I’m not sure that is a true indication of the times as yet. We will certainly monitor and keep you updated with any shifts in the market.
With the stock market’s recent decline, we have noticed more people deciding to invest in something tangible like ‘bricks and mortar’.
With property investment, I always take a long-term view. Our interest rates have never been so low and stock levels are rising. I’ve always used any uncertainty in the market as a catalyst for my next purchase, so if you’re thinking of buying it might be a good time to capitalise on that.
So in a nutshell, despite what’s unfolding here and overseas, the market remains steady.
If you need help buying, please give HighSpec Properties a call on 1300 447 732 or if you are selling, call Tony Day 0413 696 722