Property experts share COVID-19 market predictions

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PHOTO: Gold Coast, Australia

A group of property experts have shared their views on how COVID-19 will impact Australia’s property market, with most indicating the greatest effect will be felt within three to 12 months but many still believe by this time next year prices could be higher than they are at present.

As part of a survey by Ripehouse Advisory, 146 property professionals responded to a series of questions about COVID-19’s impact on the sector.

Ripehouse Advisory CEO Jacob Field said university academics, industry body heads and real estate agents were among the professionals who responded.

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“To help paint this picture, we turned to our extensive network of Australia’s most trusted property professionals,” Mr Field said.

“The opinions and statements in this document provide a frank assessment of a drastically changed property landscape.”

Asked questions like ‘which state would be hardest hit’ and ‘what sector of the market would feel the impact most’, 27 per cent of respondents indicated they believe in 12 months prices will be higher than they are now.

Meanwhile, 72 per cent of respondents felt that NSW would be hardest hit and short-term residential rental properties, like Airbnb and holiday homes were in the firing line.