Competing Pressures Fuel Buyer & Seller Indecision
First Home Buyers are gathering rosebuds while they may, but current investors and owner occupiers are conflicted by a range of issues, due to the multiple traumatic events of 2020.
In the extended aftermath of the bushfires that tore through Australia’s east coast over summer, owners of once coveted properties in regional beachside towns are still recouping losses.
Damaged properties, partially or completely destroyed properties, and properties left unscathed, but surrounded by devastation, are all somewhat frozen in time.
From neighbourhoods to suburbs to whole towns, the picture changes from one street to the next, as owners prioritise essential needs, endure lengthy waiting times for insurance payouts and suffer through ongoing financial instability, further exacerbated by the events of COVID-19.
Similarly, those in ‘Coronavirus hotspots’ are questioning their position and how the current status of their postcode will be impacted over the long term.
Victoria is of course the hardest hit, with previously thriving property markets in the LGAs such as Wyndham and Brimbank reporting hundreds of new cases every week.
Similarly, active cases are increasing by the day in south west Sydney and, in recent days, metropolitan Brisbane.
Of course, health and safety is of primary concern, but one of the key drivers of anxiety during the COVID-19 pandemic is insecurity about the future and lack of freedom to act in ways we might have done in the past.
Financial stress is heightened, and the veil of uncertainty removes the flexibility we once had to ‘problem solve’ and make our way out of challenging circumstances.
The best-case scenario is to access every COVID-19 support measure on offer, then wait it out. Useful for some, but it many cases provides little to no solution to the nuanced issues facing property owners across Australia.
First National Real Estate Burnie is here to support you in any way that we can so don’t hesitate to phone for a chat, if you’re concerned about your real estate interests. We may not have all the answers in the COVID-19 environment but we’ll certainly do our best to find them for you.