PHOTO: House prices are expected to fall over the coming months.(Supplied: Pexels)
House prices are just one of the many things upended by the coronavirus pandemic in Australia.
Those looking to break into the housing market have been teased with predictions that property prices will drop in the foreseeable future.
This doesn’t automatically mean it will be easier to buy, or that now is the right time to do it, but there are some good cases for taking the plunge sooner rather than later if your circumstances allow.
Four experts have weighed in on what the coronavirus pandemic means for the housing market. Here’s what they say.
Is a breakthrough coming for first home buyers?
Depending on your specific circumstances, there could be — but there’s really no guarantee.
CoreLogic Head of Research Eliza Owen says declines in property values so far have been mild, but that’s not the only factor that’s up for consideration.
“I don’t think the downturn is a time to be celebrating affordability unless your income is steady and you’re confident about your future earnings,” she says.
“Over the next one to two years, we would expect that property prices will see a decline, probably of no more than 10 per cent nationally.”
SQM Research founder Louis Christopher says even with detailed projections estimating where the housing market could go next, it could impact different people in drastically different ways.
“Potentially it’s good for those who have the ability to buy a home, because potentially we may see more affordable housing by way of house price falls but, if we look at the reason why prices may fall, that’s for bad reasons,” he says.
“If I was potentially looking to buy a home right now, I would be waiting. There’s a lot of uncertainty, and I don’t believe the uncertainty that’s out there has been priced into the markets yet.
But Professor Steven Rowley from Curtin University’s School of Economics, Finance and Property says there’s no rule that prospective buyers can’t make a move now rather than later.
READ MORE VIA ABC
