{"id":26936,"date":"2020-08-20T09:24:11","date_gmt":"2020-08-19T21:24:11","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26936"},"modified":"2020-08-20T09:24:11","modified_gmt":"2020-08-19T21:24:11","slug":"prospective-property-buyers-mull-over-covid-uncertainty-low-interest-rates","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/prospective-property-buyers-mull-over-covid-uncertainty-low-interest-rates\/","title":{"rendered":"Prospective property buyers mull over COVID uncertainty, low interest rates"},"content":{"rendered":"

PHOTO: David Smith, chief customer officer of mortgage broker Aussie, says now could be the time to move off the sidelines and not be crippled by fear. Source: Supplied<\/em><\/span><\/strong><\/p>\n

We live in unprecedented times for the property market with interest rates at the lowest levels in history. Is now the time to take the plunge?<\/p>\n

With interest rates at record lows but residential property prices remaining resilient, is now the time to jump into the market?<\/p>\n

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CoreLogic data for August shows dwelling prices dipped in most capital cities over the past three months.<\/p>\n

But over 12 months, only Perth, Darwin and regional WA went backwards, while values in Sydney and Melbourne climbed by more than 12 and 8 per cent respectively.<\/p>\n

Research commissioned by mortgage broker Aussie of about 2800 people in capital cities and regions in mid-June found\u00a0Australians were nervous about entering the property market as the coronavirus pandemic cast doubts over making such a major investment decision.<\/p>\n

There were 20,000 sales around Australia during the June quarter, down from 32,000 for the same period last year.<\/p>\n

\u201cThere\u2019s a lot of people sitting on their hands at the moment, just waiting to see how this whole pandemic plays out,\u201d Real Estate Institute of Australia president Adrian Kelly said.<\/p>\n

A whopping 70 per cent of respondents to the Aussie survey believed job security would be a challenge to buying a new property, while 61 per cent said the crisis had prompted them to change plans.<\/p>\n

That\u2019s understandable, the company\u2019s chief customer officer David Smith said, particularly with younger generations who suffer higher rates of unemployment and underemployment.<\/p>\n

\u201cWe know that the banks and other lenders are looking at what industry you\u2019re working in and in what capacity more stringently than they might have done previously,\u201d he said.<\/p>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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