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PHOTO: Values may be falling slowly, but the rental market has taken an immediate hit. Source: iStock images.Source:Supplied

The impact of the coronavirus on the property market is a contentious topic, with some observers expecting a subtle slowdown, while others predict a catastrophic collapse.

Commentary on the future direction of the residential property sector has been diverse.

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As Gary Brinkworth, the boss of the Herron Todd White valuation firm recently noted, some observers are expecting a subtle slowdown, while others predict a catastrophic collapse.

He’s right to suggest these whole of city forecasts fail to understand the complexity of the residential property market and that having specialist knowledge at a localised level was key to good decision making.

He added it can be difficult to keep up as markets adapt to the challenges around COVID-19.

“Some locations have seen monumental disturbance to their usual state of affairs, while others have barely registered a ripple,” he said. “COVID-19 has amplified the diversity of Australia’s resident property markets by location, price point and property type.”

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