If you’re someone who’s considering buying or selling property, you’ve likely watched the news with an impending sense of doom. If the financial forecasts have left you with a lump in your throat and a pit in your stomach, you’re not alone. But we’re here to tell you that you can breathe easy.
While the rest of Australia has been officially declared in a coronavirus-led recession, the so-called “Canberra bubble” has meant our property market remains largely unaffected. Whether it’s our low number of cases or the number of people looking at listings while working remotely, things are looking good for the ACT.
“Thankfully, the ACT housing market remains very strong,” says Brett Hayman, Principal/Director of Hayman Partners. “Unlike our friends across the border, we’re seeing a high number of inspections, with plenty of interested buyers on the lookout for their next investment property or home.”
If there’s anything we’ve learned as a city in lockdown over the last few months, it’s that things can change quickly. Thankfully, there are no signs that we’ll be sliding into recession territory anytime soon.
“It’s very unlikely that we’ll see the same dip in the property market that we’re seeing in other states — particularly while interest rates are at record lows, and we’re seeing strong employment rates across the ACT.”
From the outskirts of Gungahlin to the heights of Mount Taylor, whether you’re looking to buy or sell, it’s great news all-round for Canberrans. The shortage of properties means it’s an excellent time to list your property with strong housing prices. Buyers can also make the most of low interest rates.
“The combination of these factors is creating unique opportunities for both buyers and sellers. If you’ve been waiting for the right moment, this is it!”
While in most cases it’s business as usual, there are a few changes that you may experience as a broader consequence of the pandemic.
“One thing that we’ve noticed over the last few months, is that private treaty sales are taking 6-8 weeks to exchange. This is likely due to slow backing procedures that can create significant delays for all parties.”
“Instead, we’re recommending that Canberrans sell by auction. Not only are we seeing some high bids at auctions at the moment, but you’ll also save yourself some time — not to mention, the headache of waiting for that exchange.”
Never have we been so grateful for our sweet little Canberra bubble of paradise.