On the 14th of March, Australia recorded its 100th case of COVID-19. By the 23rd of the same month, stage 2 restrictions were put into place. The lockdowns slowed business activity and lead to the recession we face today.

CoreLogic reports that capital city prices in Melbourne, Sydney, Perth and Brisbane continue to drop. The largest cumulative decline in property value was recorded in Melbourne with a 3.5% drop since March. The second in Perth with a 2% decline and third in Sydney with a 1.7% decline.

In 2020, the estimated number of temporary migrants that left the country was around 300,000. The closing of international borders and drops in overseas migration greatly impacted housing prices in Melbourne and Sydney. These two major cities typically welcome the bulk of immigrants to Australia each year, creating a huge demand for housing. Without these immigrants, housing demand has seen a steep decline.

In addition, the steepening curve of the virus in Victoria is an increasing worry for many. In these uncertain times, it’s best to look for means to minimise expenses. If you’re a Real Estate Agency and you wish to halve your administrative expenses, our global team of professionals can help you.

We offer property management, real estate sales, and financial offshoring services. It’s not just about reducing costs; it’s about empowering your agents and property managers. They spend 50% of their time performing non-dollar administrative tasks. Why not give those tasks to people that excel in it? We’ll take care of the back-end and your onshore team can focus on what really matters – your clients.

Interested? Give our Head of Growth, Michelle Light, a call on 0499 094 220.

Sources:

Why Have The Capital Cities Performed Differently Amid COVID-19?

Without migrant buyers, Australia’s property market is expected to struggle for ‘several years’

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