COVID-19 to have marginal impact on Australian real estate, will only drop 5%: Chris Joye

By Jit Kumar
Photo by Tom Rumble on Unsplash

Property market expert Chris Joye continues to be bullish about Australian real estate market. He firmly believes that prices can only dip marginally and the stimulus will help the overall economy

If you thought coronavirus would take a toll on the real estate market in Australia, you may soon be proved wrong. At max, the property prices could slump by 5%, says Chris Joye of Coolabah Capital.

Yes, in a recent interview with Switzer TV, market expert Joye has pointed out that housing prices will not slump to a new low due to the Covid-19 crisis. For instance, in Sydney, he says property prices showed an upward trend in the last two months of the last fiscal—February and March—and the curve flattened in April only.

Though Melbourne showed a marginal fall in April, “it’s because the restrictions in Victoria were the harshest in the country”, he explains. “On the other hand, Brisbane saw increased prices over February, March and April,” he asserts.

The best part is, Joye says, that there has so far not been an iota of evidence to show signs of forced selling in the realty market. In the current economic situation, this is a good omen, he claims.

Chris Joye

“The quicker the reduction in the lockdowns, the better it will be for our housing market”

And with the Aussie PM now talking about exiting many restrictions within three weeks, Joye says that good news is in the store for the realty market. “The quicker the reduction in the lockdowns, the better it will be for our housing market,” he argues during the interview.

In fact, the avid market analyst is quite pessimistic. He says if his team is proved right and the federal government eases lockdown restrictions quickly over May, “it will lead to a new normal”. In such a scenario, Joye believes the economic growth in Australia will be higher than was once predicted.

Chris claims the government’s much-awaited huge fiscal stimulus and the central bank’s support for money markets will give a big push to the economy, which in turn will flow through to the housing sector.

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