Coronavirus is likely to hit property sales volumes more than prices and the market could quickly rebound after a “short, sharp downturn”, a prominent real estate analyst has warned.
Hotspotting director Terry Ryder told a recent webinar for real estate consumers that fear about economic uncertainty was understandable but buyers needed to view property as a long-term investment.
“It is a time to be looking for opportunities when others are perhaps intimated and sitting on the fence,” Mr Ryder said.
Government financial stimulus and flexibility from banks during the coronavirus shutdown would help cushion the property market, Mr Ryder added.
Property markets could record a reduction in activity but not a significant reduction in prices, he said.
“One thing that is happening is vendors are already not listing their properties for sale at the same levels they were a year ago and two years ago – and I think that is going to be exacerbated by the virus crisis,” Mr Ryder said.
“We are still going to have demand, but have relatively few properties for sale and that will help to put a floor under property values.”
IMPORTANT KEY POINTS:
- Reduced Sales Volumes
- Quick Rebound Expected After Short Sharp Downturn
- Great Time To Look For Opportunities In The Property Market
- Property Is A Long – Term Investment
- Key Drivers – Government Financial Stimulus, Flexibility With Banks And Lenders During The Coronavirus Is Expected To Cushion The Property Market
- Low Stock Levels On The Market Will Help Put A Floor Under Property Values
ONE:PM Is Here To Support You Through The Uncertain Times Ahead, We Will Move Through This Together As One Team.
