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How COVID 19 is shaping the property market

There is much talk about the impact COVID 19 will have on the property market. Having not endured such a pandemic in our lifetimes only time will tell the true future economic costs. As restrictions ease and some normality returns to our daily lives, will the same be said for the residential property market.

With future predictions of high unemployment rates, reduced population growth, and building stimulus schemes all contributing to ever-changing market conditions, it makes the relationship between supply and demand not easy to anticipate.

Local property market outlook

Navigating the way forward is uncharted territory, however a recent study published by M3property suggests that Victoria will be the only Australian state that will see an undersupply of residential property within the next 12 months. With predictions that come mid-2021 the demand supply gap will narrow before widening again in early 2022 with dwelling prices remaining stable. 2023 is predicted to be the year for housing price growth.

Property market in the short term

Property values will be determined by people’s confidence to enter the market, employment status and borrowing capacity. However, lower interest rates and additional incentive grants are aimed to give those thinking of purchasing an extra push to enter the market sooner rather than later.

Suburbs in Melbourne outskirts have affordable house and land packages. Accolade Estate in Rockbank only 35 minutes from the city is an up and coming new urban community in Melbourne’s west. Accolade Estate has titled land available from $215,000 with new releases coming soon. House and land packages are also available on selected lots with a range of builders and styles to choose from.

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