What to Know About the Australian Home Market in 2020

You may be thinking about getting some property or land in Australia, and there is a lot of prime land for sale ready for the picking. After all, recent events that have shaken history are expected to make house, land, and other property prices become more accessible as a result of an economic shakedown. Before you start signing deeds and settling plans, though, it’s essential to know a few states of things in Australia’s land market in 2020 so that you can make the best purchase decision for yourself during this time.

Here are some key things you should take account of:

There are going to be fewer new properties listed.

The number of new properties that have been listed in 2020 has dropped by up to 50%. Property experts have said that this can be attributed to the new restrictions imposed by coronavirus precautions. The situation has also created a more wary consumer market, even though there are still many looking to buy.

For you as a buyer, that means the market to choose from becomes more limited and that there is a little more pressure to catch a property that speaks to you because while the supply is lower, the demand is still relatively high. If you’re looking to buy, this essentially means fewer options and more competition. The drop in new listings is also because of vendors feeling less confident with the way the market is going, as COVID-19 impacts the economy on a global scale.

Auction clearances are going to be virtually non-existent.

Another factor that can be traced back to the new life changes brought about by the pandemic is the stark drop in auctions being done right now. That adds a bit of difficulty in gauging the market because as properties are pulled from auctions that are no longer being held, there are no real-time figures to base on. With a ban on auctions, the property market is taking a hit and expected to suffer a little more. 40% of the country’s real estate auctions have been withdrawn.

Don’t let this bog you down much, though, as there are always online spaces for you to peruse through prospective listings that pique your interest. From there, it’s all about finding the right agent who can help you get everything you want in your property within the constraints of the new normal.

Wealthy foreigners will be honing in on the market.

Sold sign in front of a house

Mainly Asian investors are looking into the Australian property market now, making the most of the property market’s shift during the crisis to get sweet deals on assets in the country. The biggest betters are expected to be from mainland China, although Japan, South Korea, Singapore, and Hong Kong are also looking to get their share of the honey. That is one of the factors that will keep the market competitive and should also be noted if you’re looking to get that house and land that you’ve been eyeing before anyone else does.

With these facts and figures, you can be guided to form a strategic plan when it comes to what investment you’re going to make and finding the perfect plot for the taking.

Share to

The Author

Scroll to Top