If you thought Covid-19 recession would smash property prices in Australia, that could just be an error on your part, if the country’s leading real estate expert Nerida Conisbee is to be believed.
In a recent podcast interview with Switzer TV, the chief economist at REA group said that though there’s still some uncertainty lying ahead in the wake of the global Covid outbreak, the Australian property market is in a pretty stable condition.
According to her, the real estate sector is already seeing a renewed investor activity in many places. So, getting a bargain house in cities like Sydney and Melbourne may not be that easy for those waiting to cash in on the Covid economic crisis to buy a property.
“You know typically when we talk about island community, we look at the sort of factors that people seem to be more interested in… that’s typically things like shopping centres, good schools, so you know houses in those areas do seem to be holding steady in terms of what we’re seeing activity.
“So, I don’t think it will be possible to see a bargain for a house in Paddington in Sydney, for example, or a house in South Yarra… or in Melbourne… I just don’t think that’s going to be quite the bargain,” the property analyst said.
However, this is not the first time that she has asked Australians not to expect a freefall in property prices in the wake of the Covid outbreak.
In a webinar on the Australian property market in April, Nerida cautioned investors that unlike previous economic downturns, such as the Global Financial Crisis of 2008, “this crisis is not financially led”.
“It is impossible to categorically declare how far property prices will fall due to Covid, but it’s important to remember the kind of situation we’re in, which is a health crisis resulting in a productivity crisis,” she said.
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