Properties in the Post-Pandemic Market
Properties in the Post-Pandemic Market: Covid-19 has hit us all hard. We are truly lucky in WA. With the borders shut, we can move on with our lives. The economy however has been hit. The long-term effects are uncertain yet. Are you afraid how Corona effects the real-estate market? Wondering how to deal with your investment property in the post-pandemic market? Read on, we have done the research for you.
The fears of recession and a “September Cliff”
At first we were afraid. Everyone expected the real-estate market to plummet. When people lose their jobs, their homes may be doomed to follow. Most definitely not a good time for investors, we thought. The Covid-19 supplement and JobKeeper payments cheered things up a bit. However, everyone knows that they are temporary reliefs. The new scare: the “September cliff”, that when the 6 months JobKeeper runs out and the mortgage repayment breaks end, the economy will collapse for sure…
The actual market situation
It’s September now. The world is still turning. Our economy, particularly in WA is proving to be resilient. So what is the actual go? So far Real Estate Experts have singled out three trends: High End properties are selling – fast. Holiday Homes in the State’s South West are being snapped up the very second they hit the market and new land sales are booming.
Boom in Home and Land Packages
The WA Government added a $20,000 grant on the back of the $25,000 HomeBuilder grant from the Federal Government. New Home buyers are making the most of up to $45,000 in grants. Sales in the second quarter of 2020 hit a 30 year record high according to the Urban Development Institute of Western Australia. The City of Swan and The City of Wanneroo benefitted most from the high demand in First Homes. They sold over 1800 blocks combined. The Government subsidies are quite obviously working with sold blocks averaging around $226,400 and 371sqm in size.
High End Homes Highly Sought After
Properties in Perth’s most expensive suburbs are best sellers in the pandemic market. It appears that buyers hope to secure their staycation home despite the looming recession. Not only local residents but expats returning home to WA are driving the market. Realestate.com.au data shows “Perth’s blue-ribbon western suburbs have retained the mantle as the city’s most expensive property belt.” Top-end properties are doing really well.
Perth’s strong property market conditions are providing fantastic opportunities for new home buyers.
Holiday homes in the South-West are being snapped-up
There simply aren’t enough properties in the South-West to meet the demand. The Covid-19 pandemic has sparked the interest in local Holiday Homes significantly. Buyers are going crazy for homes in Busselton, Dunsborough, Yallingup, Hamelin Bay and Margaret River since the State’s internal borders re-opened.
What to do to sell your established property
With new land and high end mansions booming, established “normal” homeowners are feeling a bit left behind. The government stimulus focuses on newly build homes, leaving little to no incentive to buy an established home. Post-pandemic buyers are looking for different things in their homes. Space is the key when selling properties in the Post-Pandemic Market.
Key words that increased
According to real estate.com.au data the changed focus is measurable in new keywords: the keywords ‘study’, ‘outdoor gym’ and ‘garden’ are dominating the searches. Property owners who are keen to sell in the changed market should focus on these areas. The experts’ advice: “If there is a spare room, advertise it as a study. You have a Home Gym? Awesome highlight it in your property description.”
Make your property stand out
If you want to sell in a difficult market, you’ve got two choices: Drop the price or make your property stand out. Ask yourself: If buyers have the choice to buy a brand new sparkling property – why would they buy an old apology, an established property? The answer is easy. It is here right now. It is convenient. No dramas with builders. No delays. And most importantly: Your established property already sports all the extras from established gardens and landscaping to solar panels. Even more so if your established home looks like new.
Update your Kitchen, bathroom and laundry
Everyone knows the kitchen is the heart of the home. Just sometimes the heart looks a bit faded. Vinyl is peeling off the cabinets. The drawer fronts and cabinets sport a pale yellow or soft rose colour. Reminiscent from the century past and tell tales of the age of your house. The good news is: It is an easy change. At Dianella Polishing we can transform your outdated kitchen and make it look like a brand-new one from as little as $3000. A bit of hard work and a coat of 2-pac spray paint make your cabinets in kitchen, laundry and bathroom shine like new.
Upgrade: Spare room to study
Whilst you’re at it: If you are selling Properties in the Post-Pandemic Market, talk to our trusted cabinet maker. It does not take much to change that tacky spare room into a study; a couple of built-in shelves. Maybe a desk and you lead the search results on real-estate.com.au. Just make sure you order NBN and your home will be highly sought after and sold in no time; without the price-drop.