How the Covid-19 Pandemic Has Changed the Australian Property Market
2020 and the advent of the Covid-19 global pandemic changed the way people live across the world. Many Australians have reconsidered their living arrangements and reassessed what is important to them in a home. We are using our homes differently; in many cases, our homes are no longer just for recreation and relaxation and have now become places of work and education. This has changed what we prioritize in a home, and where we’re looking to buy.
The Covid-19 global pandemic has changed many aspects of our lives since the beginning of 2020. While the Australian property market initially faltered and looked as though it was set to bottom out, it instead grew in strength, and in some areas of Australia property prices are now achieving record sales figures. Since the start of 2021, many Australian capital cities have seen a significant upswing in their residential property market prices.
If you’re considering buying or selling real estate, it’s important to know what people are looking for in a house and where they are looking. This can help you to make predictions about the property market, to know where and what to look for if you are buying, as well as assist you to prepare your property to sell in a way that can help you to attract prospective buyers. So, what are the main ways that the Covid-19 pandemic changed the Australian property market?
Where we want to live
One of the major changes that have become evident is the increase in popularity of a rural or coastal home. More and more Australians are able to work from home, which means it isn’t as important to factor in a city commute when considering where to live. Interest in apartments and the desire to live close to the CBD has lessened, and instead many people are focused on buying a property in coastal or regional areas.
The increased time many Australians have had to spend at home during lockdowns has also meant that having space at home and a garden has become more important. People are looking for larger homes that can offer space for hobbies and recreation, and homes with gardens or more outdoor space.
What’s important to us in a home
Space is the key factor that has increased in importance since the advent of the Covid-19 pandemic. Having spent more time at home than ever before, Australians now want more out of their homes. Real estate agents are reporting that prospective buyers are looking for properties with garages, partly because it allows for a home gym or workshop conversion. For safety security door Melbourne also should be kept in mind.
Flexible working arrangements have made commute times much less of a factor in choosing where to live, but it has also driven up the importance of having home office space or study nook. Prospective home buyers are factoring in where they will be able to set up a home office when they consider whether to buy a property, so properties that don’t offer office space or a study nook are less appealing to house hunters.
How we buy a home
Many aspects of buying and selling property are affected during lockdown periods, or when restrictions are imposed by the government. Australians are now changing how they conduct real estate transactions. Real estate agents offer remote home viewings or video footage of the property. Many home-lending appointments are conducted remotely via video conference and property conveyancing can be conducted easily remotely, using online platforms such as the settlement platform PEXA. Zoom meetings replace face-to-face meetings, digital signatures can be used on documentation, and proof of identity can be confirmed remotely using Australia Post as a verification method. If you’re looking for a reliable property conveyancer, contact Jim’s Property Conveyancing Brisbane and Property Conveyancing Melbourne offices, phone 13 15 46 to arrange an obligation-free quote.