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.
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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