If we examine the history of the property market over the last 40 – 50 years, there has been a steady, continuous growth in property prices regardless of economic cycles and global events.
Auctions have now been stopped and as a result the property market is “frozen”. People are not selling, and people are not buying, hence prices will remain the same. In time once we move out of the pandemic, the property market will recommence and move rapidly due to the standstill (as there will be a large backlog of transactions to be processed). Any drop in price, will be followed by a very fast recovery.
As with all property investments, a high level, long term approach (10 years +) must be taken. Property over the long term will always increase in value despite economic changes, disasters, crises etc. Overtime, any short-term losses will be overtaken by capital growth.
It is important to not get inundated by the media. Continue to focus on your investment strategy and move forward looking for opportunities.
During any time of adversity, there is an equal amount of opportunity.
The brave who think LONG-TERM, will succeed and come out very wealthy post this pandemic, because they moved when the rest of the population stayed paralyzed.
In my opinion, NOW is the best time to get into the property market as you can secure deals that would otherwise not be available to you. Major discounts are now available and there is minimal competition.
Contact us if you would like to get ahead.