Believe it or not, despite the lockdown and economic uncertainty, people are still buying homes, thanks to special measures employed such as online home tours and no-contact contract signings. The pandemic may have transformed life in Queensland and Australia, but one thing seems to keep going: some Australians are still buying houses, especially on the Gold Coast.
Early fears have been unfounded
Some real estate companies were surprised that despite zero sales in March, by early April, calls began coming in again and asking for virtual home tours, at the least. Some were even making offers based on just the pictures on company websites. So, despite the economic impact of the coronavirus pandemic and the subsequent lockdowns, fears of a large-scale housing price crash similar to the 2008 real estate crash did not happen. A few home prices remained stable while the rest went down, but not by much. Because of lower prices, people are starting to take advantage and looking to buy a home.
When the lockdowns ease, prices may go back to March levels
Real estate experts are getting mixed signals about this. While some assume that property prices may rebound again during the post-lockdown months, others point to the housing market facing uncertainty because of the economic chaos left by the pandemic. For instance, there could be record-low interest rates that could encourage many to boost mortgage applications. However, as rates fall lower, mortgage lenders could tighten restrictions.
Buyers now don’t mind the health precautions
Despite the health precautions, buyers now don’t mind, so long as they can get the lowest price possible. Buyers don’t mind talking to real estate agents, either one-on-one or online. They don’t mind the virtual and 3D online tours, and they don’t even mind the no-contract contract signing online. All this is unheard of in real estate market history, even when compared to the 1919 home buying boom in the middle of the Spanish Flu epidemic.
Gold Coast Mansions
If you’re searching for your dream home anywhere along the Gold Coast, you can find the perfect Gold Coast mansions styled home when you get in touch with GC Mansions. We offer low deposit home solutions and secure prequalification so you can own your dream home in no time at all. Visit the GC Mansions website at https://gcmansions.com/ today for your enquiries.