If you think the time to buy a home on the Gold Coast is now, all you need is to partner with Gold Coast Mansions. More than half of Australians believe that the best time to buy a home should be now. This is because consumer confidence is returning because of the easing down of coronavirus lockdown protocols.
Recent research by Finder shows that 59% of Australians believe that June of this year is a good time to buy a home. Of those wanting to buy property, it is Generation Z and Millennials who are willing, with 55% of people aged 18 – 23 believing that now is the best time to purchase the property.
Property prices down, discounted listings up
In the meantime, older generations are more cautious, as well as more women (57%). This is understandable because most of these respondents prefer to see what the future awaits with the “new normal.” Men prefer to buy now (62%) since they base decisions on price.
But in reality, despite the coronavirus pandemic that got Australia into lockdown for more than three months, home sales in onsite auctions have increased, partly because of slashed prices and more discounts, and partly perhaps that some of these buyers were about to purchase in March or April when the pandemic hit.
Fall in migration
This isn’t to say that the real estate industry didn’t suffer any losses. Business shutdowns affected the property market, as well as unemployment and a decline in wages. However, one significant factor that affected the property market by up to 60% in sales is the fall of migration that started as early as February.
Numerous temporary visa holders (allowed to purchase homes) lost their respective jobs because of the pandemic and had to go back home. Other migration dropped by as much as 85%. Perhaps this is another factor that Australians are in a rush to purchase property since they face little competition from migrants.
Gold Coast Mansions
We can help you whether you’re looking for a ready-made home or want to build one from the ground up. We can easily get you pre-qualified, find the perfect location for you, and offer low deposit solutions to help you. We want you to get the home that you deserve, so start off by visiting Gold Coast Mansions at https://gcmansions.com/.