What is the market doing during COVID-19?

This is a common question we are hearing right now and understandably so. COVID-19 has left many unsure of the future, but what does this mean for the property market? Here are the key points to consider and help you better understand the current market in Brisbane’s Northern Suburbs.

Supply and Demand
We have an interesting supply and demand in our area, with there being fewer homes on the market and relatively high demand. This means there’s an undersupply of good quality property, which is a trend we’ve seen over the last 2 years, even before COVID-19. This results in more buyers than properties, which is a fantastic opportunity for sellers. More buyers means more offers, and more offers means a higher settlement.

Interest Rates
With interest rates at an all-time low, it can be cheaper to buy than to rent in some cases. This results in even more prospective home buyers entering the market. If you’re in the position to buy property, we definitely recommend looking into your options and working out what is best for you financially.

First Home Buyers
We are seeing First Home Buyers out in droves. This is underpinning the whole market, driving the demand to higher price points. As sellers are putting their properties on the market to upgrade, this is a perfect opportunity for those entering the property market to look for their first home.

Ultimately, it is a case of making sure you find the right home for you. As we see in North Brisbane, people are still moving for work, lifestyle, and financial reasons. There is still a market here. With multiple offers on properties, now could be a great opportunity for you. If you’re considering selling or buying, get in touch with our team and we’ll help you make an informed decision regarding your property journey.

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